Over the last five years, the Nigerian Bureau De Change (BDC) sector has experienced different regulatory changes in the country’s foreign exchange market framework. The directive issued by the Central Bank of Nigeria (CBN) in February 2026, “Participation of Licensed BDCs in the Nigerian Foreign Exchange Market” is a significant milestone in the journey of restructuring Nigeria’s foreign exchange market.
This article analyzes the directive by examining its key provisions and the implications for the future of the foreign exchange market in Nigeria.
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