Nigeria Naira Crisis: CBN Set to limit Cash FX Transaction to $500

The Central Bank of Nigeria (CBN) is contemplating significant regulatory changes for Bureau De Change (BDC) operators, including a potential ban on street trading and restricting cash payments for foreign exchange (FX) sales to a maximum of $500.

The proposed guidelines also require sellers of forex above $10,000 to disclose the source and implement anti-money laundering regulations. The CBN's move aims to enhance transparency, combat speculation, and strengthen the naira against depreciation.

While these regulations are subject to review, recent crackdowns by security agencies on street traders and reported restrictions on forex platforms signal a broader effort to formalize the industry and address currency challenges.