Regulatory Alerts2026-02-10 | TED/FEM/PUB/FPC/001/002Participation of Licensed BDCs in the Nigerian Foreign Exchange Market
This directive from the Central Bank of Nigeria permits all duly licensed Bureau de Change (BDCs) to access foreign exchange directly from the Nigerian Foreign Exchange Market (NFEM) through any Authorised Dealer at prevailing rates. Authorised Dealers are mandated to conduct comprehensive KYC and due diligence for their BDC clients, with foreign exchange sales capped at USD150,000 per BDC per week. Furthermore, BDCs must electronically submit timely returns, sell back any unutilised funds within 24 hours, exclusively use settlement accounts for transactions, prohibit third-party dealings, and limit cash foreign exchange sales to 25% of the transaction amount.
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