Nigeria’s central bank is stepping up efforts to stabilize its volatile currency market by allowing licensed bureau de change operators to buy up to $150,000 in dollars each week. Under the new directive, BDCs can source foreign exchange from authorized banks at market rates, a move designed to widen access and improve liquidity across the economy. The policy comes as the naira continues to trade weaker on the parallel market than officially, fueling concerns about distortions and speculation. To tighten oversight, the Central Bank of Nigeria has introduced stricter compliance rules, real-time electronic reporting, and limits on cash transactions. Together, the reforms signal a push for greater transparency and market efficiency.
Reuters
