Naira Set to Strengthen as CBN Raises Weekly Dollar Limit for BDCs
The Central Bank of Nigeria (CBN) has announced that licensed Bureau De Change (BDC) operators can now buy up to $150,000 every week.
This new policy is meant to improve the supply of foreign exchange (forex) to Nigerians who need dollars for genuine purposes such as school fees, medical bills, travel, and small business imports.
According to the CBN, the goal is to improve liquidity in the retail forex market and reduce pressure on the naira.
Why This Is Good News for Nigerians
Financial experts believe this move will help the naira become stronger and more stable.
Tunde Amolegbe, Chief Executive Officer of Arthur Stevens Asset Management, explained that more dollar availability will reduce pressure on the exchange rate and help businesses.
“Expect further strengthening of the naira against the US dollar, which will be positive for companies with significant foreign currency inputs.”
This means manufacturers, traders and import-dependent businesses may now spend less to buy raw materials and equipment.
In the long run, this can help reduce production costs and support job creation.
How This Helps Control the Black Market
Ayotunde Olubunmi of Agusto & Co. explained that the policy is also designed to reduce the wide gap between official exchange rates and the parallel market.
With more dollars available through licensed BDCs, speculative buying and arbitrage are expected to reduce.
This can lead to more stable and transparent forex pricing for everyone.
How Nigerians Can Benefit and Be Part of It
To benefit from this new policy:
Always use licensed BDC operators when buying foreign exchange.
Ask for official transaction receipts.
Avoid roadside or unregistered forex dealers.
If you run a business that depends on imports, plan your forex needs through approved channels.
Students and medical travellers should prepare proper documentation when visiting licensed BDCs.
The CBN has also directed that BDCs must report all transactions electronically and return any unused dollars to the market within 24 hours. Cash sales are limited, and third-party transactions are not allowed.
This improves safety and protects buyers.
The new $150,000 weekly limit for BDCs is a strong step toward improving dollar availability, stabilising the naira and protecting Nigerians from unstable and unsafe forex markets. By using only approved operators and following official processes, Nigerians can directly benefit from a more stable and transparent foreign exchange system.
