The Business NG - October 29, 2025

In this issue

BDC Operators Face Survival Crisis Amid CBN Dollar Curtailment

Bureau de Change (BDC) operators across Nigeria are confronting an unprecedented liquidity crisis as the Central Bank of Nigeria (CBN) continues to restrict dollar allocations. Licensed forex traders, once a critical conduit for small- and medium-scale foreign exchange transactions, now face near-collapse, threatening not only their businesses but also access to foreign currency for ordinary Nigerians.

Reports from Lagos, Abuja, Kano, and Port Harcourt indicate that business has slowed dramatically. Many operators are struggling to pay office rents, staff salaries, and regulatory fees, with some permanently shutting down. Abubakar Ardo, a BDC operator in Abuja, confirmed that the cessation of dollar supply from the official window has left many operators reliant solely on small-scale “walk-in” transactions, which are insufficient to sustain operations.

This disruption highlights the broader structural challenges in Nigeria’s forex market. While the CBN aims to curb speculation and stabilize the naira, the approach is inadvertently pushing legitimate operators to the brink, creating a risk of increased informal currency trading and market inefficiencies.

A balanced intervention is urgently needed—one that preserves the integrity of forex policy while ensuring BDC operators can survive and continue serving Nigerians efficiently. Failure to act could destabilize the retail forex market and deepen economic strain for everyday citizens.