LAGOS, Nigeria — The Central Bank of Nigeria (CBN) has maintained restrictions on Bureau De Change operators’ access to the official foreign exchange market, citing concerns over control and past abuses, according to forex traders on April 28, 2026.
Okay News reports that a top official of the Association of Bureau De Change Operators of Nigeria said the apex bank’s cautious stance is driven by perceived compliance risks.
“The characterization and generalization of lack of compliance measures to Anti-money laundering and Terrorism financing rank the sector highly risky, resulting in CBN preference for fewer channels to achieve tighter control and the over preference of bank-led foreign exchange intermediation by the CBN,” the ABCON official said.
Another licensed forex trader, Umar Barkinzuwo, said, “The issue appears to revolve around concerns over control and past market abuses… authorities have preferred to channel foreign exchange through the banking system, where oversight is more centralized.”
He added that fears around arbitrage and round-tripping have contributed to the regulator’s reluctance to fully integrate BDCs into the official FX system.
The traders said that excluding them limits liquidity at the retail end of the market and sustains pressure on the parallel market. The push for inclusion intensified after the June 2023 unification of Nigeria’s foreign exchange market.
In July 2021, the CBN halted forex sales to BDCs, accusing them of facilitating illicit financial flows and money laundering. Sales briefly resumed in February 2024 after the revocation of over 4,173 licences, but the arrangement was later discontinued. In February 2026, the CBN approved limited participation, allowing BDCs to access up to $150,000 weekly, but operators say access remains constrained.
