Nigeria, Feb. 11 -- The approval, conveyed in a circular dated February 10, 2026, and signed by the Director of Trade and Exchange, Musa Nakorji, allows BDCs to source forex through authorised dealer banks at prevailing market rates.

The decision comes as the gap between official and parallel market rates has widened to more than 90 naira, intensifying pressure on retail demand.

The News Chronicle understands that the move is designed to inject liquidity into the retail segment of the market while tightening supervision to discourage speculation.

Banks must complete full Know Your Customer and due diligence checks before selling forex to any BDC, and sales must remain within the approved weekly threshold.

The apex bank also introduce...