February 11, (THEWILL) — The Central Bank of Nigeria (CBN) has reopened the foreign exchange (FX) sales window to Bureau De Change (BDC) operators in a renewed effort to narrow the widening gap between the official and parallel market exchange rates.
The move marks a significant policy shift aimed at improving liquidity in the retail end of the FX market and curbing speculative pressures that have fuelled volatility in recent months. By allowing licenced BDCs access to foreign exchange at the official window, the apex bank seeks to stabilise the naira and restore confidence in the country’s currency management framework.
Industry stakeholders say the decision could help ease demand pressures in the parallel market, where rates have often diverged sharply from the official benchmark. The disparity has posed challenges for businesses, importers, students, and travellers who rely on accessible foreign exchange for legitimate transactions.
Under the new arrangement, eligible BDC operators are expected to meet strict regulatory and reporting requirements to ensure transparency and prevent round-tripping and speculative activities. The CBN has emphasised that compliance with anti-money laundering and know-your-customer (KYC) regulations will be closely monitored.
Financial analysts note that while reopening the FX window to BDCs may provide short-term relief, sustained exchange rate stability will depend on broader structural reforms, improved FX inflows, and enhanced investor confidence. Increased diaspora remittances, stronger oil production output, and diversified export earnings are also seen as critical to long-term currency stability.
The CBN has reiterated its commitment to maintaining a market-driven exchange rate system while deploying targeted interventions to address distortions and ensure orderly market operations.
Market participants will be watching closely to see how the policy impacts FX liquidity and whether it succeeds in narrowing the gap between official and parallel market rates in the coming weeks.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
