Economy
Dollar “kasala”: CBN to raise BDC’s share capital to N2bn
By Kayode Sanni-Arewa
The Central Bank of Nigeria is considering increasing the share capital of Bureau De Change operators to N2bn and N500m for Tier 1 and Tier 2 licences.
The currency operators were previously charged N35m for a general licence.
This was contained in the draft paper of a “Revised Regulatory And Supervisory Guidelines For Bureau De Change Operations In Nigeria” published by the apex bank on Friday.
The new guidelines contain several new changes to the guidelines for BDC operations in the country and if endorsed will be effective at a date decided by the CBN.
Recently, operations of the currency operators have suffered heavy backlash following the free fall of the naira against the dollar.
Government officials have severely blamed the black market operators for this fall though liquidity remains a huge challenge.
This week, operatives of the Economic and Financial Crimes Commision arrested over 250 BDC operators in Abuja and many more in other states of the federation.
Under the minimum capital requirements, the central bank is introducing a two-tier license for BDC operators in the country.
The guidelines read, “A Tier 1 BDC is authorised to operate on a national basis can open branches and may appoint franchisees, subject to the approval of the CBN.
“A Tier 1 BDC (which is the franchisor) shall exercise supervisory oversight over its franchisees. All franchisees shall adopt their franchisor’s name, branding, technology platform, and rendition requirements.
“Also, a Tier 2 BDC is authorised to operate only in one state or the FCT. It may have up to three locations – a head office and two branches, subject to approval of the CBN. It is not permitted to appoint franchisees.”
“Under Tier 1, operators are expected to have N2bn as minimum share capital while also depositing a Mandatory Caution Deposit of N200m.
The application and licence fee is also N1 million and N5 million respectively.
“Under Tier 2, operators are expected to have N500 million as minimum share capital while depositing a Mandatory Caution Deposit of N50 million. The application and licence fee are also N250,000 and N2 million respectively.”
The apex bank also stated that the prescribed minimum capital of BDCs and any subsequent capital injection shall be subject to verification by the CBN.
The Nigerian naira on Tuesday continued to wobble against the dollar across official and parallel foreign exchange markets on Tuesday amid inaction by the Central Bank of Nigeria.
CBN data showed that it depreciated on Tuesday to N1,384.29 per dollar, down from N1,378.0246 on Monday.
This means that on a day-to-day basis, the Naira dipped by N6.26 against the dollar.
Similarly, at the black market, the Naira dropped by N10 to N1390 per dollar on Tuesday from N1380 traded on Monday.
Recall that the disparity between both foreign exchange markets stood at N5.71 per dollar as of Tuesday.
In more than eight days now, the naira has sustained depreciation against the dollar after the apex bank mopped up dollars from the market.
This comes despite the continued surge of the country’s external reserves, which stood at $49.69 billion as of February 27, 2026.
Recall that on Tuesday, President Bola Tinubu nominated Taiwo Oyedele, former of the Presidential Fiscal Policy and Tax Reforms Committee, as Minister of State, Finance, a ministry supervised by Minister of Finance Wale Edun.
NOTE: The exchange rate changes hourly. It depends on the volume of dollars available and the Demand. This means…you can buy or sell 1 dollar at a certain rate, and the price can change (high or low) within hours.
The official naira black market exchange rate in Nigeria today, including the Black Market rates, Bureau De Change (BDC), and CBN rates.
Also note that the exchange rate is subject to hourly fluctuations influenced by the supply and demand of dollars in the market.
What’s the dollar to naira black market today, 3rd March 2026?
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦1380 and buy at ₦1360 on Tuesday, 3rd March, 2026, according to sources at Bureau De Change (BDC).
Note exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦1380 and buy at ₦1360 on Tuesday, 3rd March, 2026, according to sources at Bureau De Change (BDC).
Dangote Refinery has increased its Premium Motor Spirit gantry price.
The 650,000-barrel-per-day refinery increased its petrol price to N874 per liter, up from N799.
This means that the African’s largest refinery adjusted its petrol price by N75 per liter on Monday.
The spokesperson of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, confirmed Dangote Refinery’s price hike to DAILY POST exclusively on Monday.
According to him, the move comes amid a hike in global crude oil prices following the Iran-United States-Israel conflict escalation in the past three days.
“It is due to global crude oil price volatility following the Iran-US-Israel war. It is the ripple effect of ongoing conflict,” he told DAILY POST.
According to him, the development would trigger a retail fuel price hike nationwide.
DAILY POST reports that on Monday, Brent and West Texas Intermediate crude blends rose to $78.50 and $71.84 per barrel, respectively, up from $72.87 and $67.02 on Saturday.
Recall that on January 27, Dangote Refinery had hiked its petrol price by N100 per liter to 799 per liter.
Credit: DAILY POST
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