Nigeria’s foreign exchange traders are reeling after the Central Bank of Nigeria (CBN) stopped selling U.S. dollars to Bureau de Change (BDC) operators, leaving many struggling to survive.
The move, part of ongoing reforms to tighten forex control, has cut off thousands of BDCs from their main source of income. Many operators say they can no longer meet expenses or retain staff.
“Our business is practically dead. We can’t access official dollars, and private sources are too costly,” said one trader in Lagos.
The CBN says the suspension will help curb speculation, strengthen oversight, and preserve foreign reserves. But critics warn it could worsen dollar scarcity and drive more activity to the black market.
In 2024, the apex bank revoked the licences of over 4,000 BDCs for regulatory breaches, following a similar halt of forex sales in 2021 over alleged abuse of the system.
While the naira has recently shown signs of recovery trading around ₦1,458 per dollar many small forex traders fear the sector may not survive without renewed access to official dollar supply.
