The Central Bank of Nigeria (CBN) has announced new regulations allowing licensed Bureau De Change (BDC) operators to participate more actively in the foreign exchange market, permitting each to purchase up to $150,000 weekly. This decision, communicated through an official circular on February 10, 2026, signifies the CBN's effort to enhance liquidity in the foreign exchange market and cater to the increasing foreign exchange needs of the public. The measure aims to address the widening disparity between official and parallel market rates, which has reportedly increased by over N90, marking a notable change in exchange dynamics within the country.

According to Dr. Musa Nakorji, the Director of the Trade and Exchange Department at the CBN, the initiative is primarily focused on improving the availability of foreign exchange for retail transactions, thereby addressing legitimate user demands more effectively. The BDCs, as key players in the currency exchange environment, are expected to play a vital role in mitigating the surge in parallel market rates by providing a more accessible and regulated option for foreign exchange transactions. This move also reflects the CBN's ongoing commitment to fostering stability and transparency within the forex market.

The implications of this policy change could be significant for both consumers and investors in the Nigerian economy. As the gap between official and parallel market rates narrows, individuals and businesses might find it easier and more cost-effective to access foreign currency. Additionally, by facilitating greater participation of BDCs in the market, the CBN may enhance the overall confidence in the local currency, which could lead to increased investments and economic stability in the longer term.