Central Bank Sets New $25,000 Weekly Limit for BDCs’ FX Purchase
The Central Bank of Nigeria (CBN) has implemented new regulations restricting Bureau de change (BDC) operators to purchasing a maximum of $25,000 per week from a single bank. Initially, BDCs were instructed to buy foreign exchange from banks between December 19, 2024, and January 30, 2025, but this deadline has now been extended to May 30, 2025.
Under the new guidelines, BDCs must select one authorized dealer bank to procure their weekly foreign exchange allocation, with strict penalties for non-compliance. Additionally, the CBN has capped the margin for selling the FX to end-users at a one percent rate above the buying rate and has outlined specific conditions for the disbursement of the funds, such as limits on transactions and the requirement for proper documentation.
The CBN also stressed the importance of adhering to anti-money laundering laws and KYC principles, warning that violations could lead to sanctions, including suspension of operating licenses.
