CBN FX guidelines for BDC operators aim to boost transparency and accessibility as naira strengthens to N1,390 per dollar in the parallel market
The Central Bank of Nigeria (CBN) is set to unveil fresh operational guidelines for licensed Bureau De Change (BDC) operators this week, signalling a renewed effort to stabilise the nation’s foreign exchange market.
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The announcement comes as the naira strengthened to N1,390 per US dollar in the parallel market on Monday, narrowing the gap between official and black market rates by approximately 2.5 per cent.
Aminu Gwadabe, president of the Association of Bureaux De Change Operators of Nigeria, confirmed that the guidelines will pave the way for full participation of BDCs in the official foreign exchange market.
“The operationalisation guidelines will be released within the week for the takeoff of trading,” he said, adding that the apex bank is taking a cautious approach to ensure a smooth rollout.
Industry analysts noted that the framework is expected to restore transparency and structure to retail dollar sales, which have been dominated by the parallel market in recent months.
The guidelines are anticipated to detail trading limits, documentation requirements, compliance obligations, and reporting standards.
Earlier this month, the CBN reopened official market access for licensed BDC operators, permitting them to purchase up to $150,000 per week from authorised dealer banks at prevailing market rates.
The move is designed to ease pressure in the parallel market, improve dollar supply, and discourage speculative trading.
The recent appreciation of the naira is seen as a direct response to renewed regulatory clarity and expectations of improved dollar liquidity in the retail segment.
Market participants are closely watching the rollout of the new guidelines, which could determine whether the recent gains are sustained or merely temporary.
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Businesses and individuals reliant on retail dollar transactions may benefit from improved accessibility and more stable pricing if the framework is effectively implemented, reinforcing confidence in Nigeria’s foreign exchange system.
Victory Emmanuel is a journalist and contributor to Freelanews.com, covering news, business, and public affairs.
