CBN to unveil FX guidelines for BDCs this week



Operational guidelines for commencement of foreign exchange (FX) trading by Bureau de Change (BDC) operators are expected to be released this week.

President of the Association of Bureau de Change Operators of Nigeria (ABCON), Aminu Gwadabe, disclosed this to BusinessDay on Monday, indicating that the long-awaited framework to guide the participation of licensed operators in the official market is imminent.

“Operational guidelines for resumption of trading will be issued within the week. Please proceed step by step,” he said.

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The development came as the naira strengthened sharply to N1,390 per dollar in the black market on Monday morning, narrowing the gap between the parallel market and the official forex window to 2.5 per cent.

On February 10, 2026, the Central Bank of Nigeria (CBN) reopened access to the official foreign exchange market for licensed BDCs, a move aimed at improving dollar liquidity in the retail sector and alleviating persistent pressure in the parallel market.

In a circular dated February 10, the apex bank said all BDCs duly licensed by the regulator are now allowed to purchase foreign currency from the Nigerian Foreign Exchange Market (NFEM) through any authorized dealer bank of their choice at prevailing market rates.

As a result, the gap between the official forex market and the black market narrowed to 2.5 per cent or N35 on Monday, compared to more than 6 per cent or N92 recorded as of Wednesday last week.

Hope Musa-Ashike

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with over a decade of experience reporting on Nigeria's financial system and broader economy. She closely follows market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators and global developments and interprets what they mean for businesses, investors, policy makers and households. Their reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance and investment risks. She also covers major international events and travels periodically to Washington, DC, to report on the World Bank/IMF spring and annual meetings. His dedication to financial journalism has earned him numerous recognitions and invitations to high-level professional development programs. She is an alumnus of the International Visitors Leadership Program (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from Press Association Training in London, UK. Her other notable achievements include the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and the completion of a Master Class in Journalism at Rhodes University in South Africa.


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