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“The Tap is Open”: CBN Resumes Dollar Sales to BDCs as Naira Hits 2-Year High of N1,348/$

Business Desk

ABUJA — The Central Bank of Nigeria (CBN) has pulled the trigger on its “nuclear option” to crush the parallel market gap.

In a decisive move announced late Wednesday and taking effect today, Thursday, February 12, 2026, the apex bank has officially resumed the sale of foreign exchange to licensed Bureau De Change (BDC) operators, ending a long drought for the retail sector.

The impact was immediate. At the official Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira appreciated sharply to close at N1,348.95/$, its strongest position in nearly two years.

The New “Cash Flood” Policy

According to a circular signed by the Director of Trade and Exchange, Dr. Musa Nakorji, the CBN is not just trickling money into the market; it is flooding it.

  • The Allocation: Every eligible licensed BDC can now access up to $150,000 weekly from authorised dealer banks.
  • The Rate: BDCs must buy at the “prevailing market rate” and can sell to end-users (travelers, students) with a maximum margin of 1%.
  • The Goal: To smash the “speculative bubble” that has kept the black market rate artificially high despite improving official liquidity.

Market Reaction: Panic on the Streets

The policy shift has sent shockwaves through the parallel market. Street traders in Lagos and Abuja, who were selling at N1,440/$ yesterday, have reportedly paused buying this morning, fearing a crash. “We are hearing that dollars will be everywhere by Friday,” one Wuse Zone 4 trader told nuus.ng. “Nobody wants to hold cash now. The gap is closing.”

Reserves Hit 8-Year High

Bolstering the CBN’s confidence is a massive war chest. New data released today confirms that Nigeria’s Foreign External Reserves have climbed to $47.02 billion, the highest level since 2018.

  • The Driver: This surge is powered by sustained oil output (now stable at 1.6mbpd) and the recent $2.2 billion Eurobond inflow.

What This Means for You

  • If you need PTA/BTA: You no longer need to beg “Aboki” on the street. Walk into a licensed BDC with your passport and BVN to buy at a regulated rate (likely around N1,360 – N1,365).
  • If you are hoarding Dollars: The window to sell at a premium is closing fast. With the CBN pumping $150k per BDC weekly, the scarcity that drove rates to N1,500 is evaporating.

The message from Governor Olayemi Cardoso is clear: The Naira is back in charge.