The naira is expected to gain further strength following a new policy by the Central Bank of Nigeria (CBN) allowing licensed Bureau De Change (BDC) operators increased access to foreign exchange from the official market.
Under the new directive, authorised BDCs can now purchase up to $150,000 per week from approved dealer banks. Analysts say the move is designed to improve dollar liquidity in the retail foreign exchange segment and reduce pressure on the parallel market.
Market watchers believe the policy will help narrow the gap between the official and black-market exchange rates by making dollars more readily available for legitimate personal transactions such as travel allowances, medical bills, and school fees.
The CBN said the measure forms part of broader reforms aimed at stabilising the foreign exchange market, boosting transparency, and discouraging speculative activities. As part of the guidelines, BDCs are required to sell purchased foreign exchange strictly to end users and return any unused funds within a specified timeframe.
Following the announcement, the naira showed signs of appreciation at the official market, reinforcing optimism that sustained FX supply through licensed channels could support further currency stability in the coming weeks.
Financial analysts caution, however, that while the policy may deliver short-term gains, long-term naira stability will depend on broader factors such as export earnings, foreign investment inflows, and consistent monetary discipline.
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