Regulatory Alerts2026-07-16 | TED/FEM/FPC/PUB/001/005Added · Updated
Guidance on the Purchase of Foreign Exchange by Bureau De Change Operators Through Authorised Dealer Banks in the Nigerian Foreign Exchange Market
The Central Bank of Nigeria mandates that licensed Bureau De Change operators purchase foreign exchange exclusively through the electronic FX BDC Purchase Tracker portal and Authorised Dealer Banks of their choice. Authorised Dealer Banks must complete KYC checks and confirm or reject requests within two business hours, while Bureau De Change operators are subject to a weekly USD 150,000 purchase cap and must sell back unutilized balances within 24 hours. The framework prohibits third-party transactions and requires strict reporting of weekly purchases and sales, with violations attracting sanctions such as fines, license suspension, or revocation of dealer status.
Topics
fx
kyc
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