Financial experts and global market observers are commending Central Bank of Nigeria (CBN) Governor Olayemi Cardoso for a strategic masterstroke in foreign exchange management.
The decision to reopen official USD supply to licensed Bureau De Change (BDC) operators has not only improved retail liquidity but is being hailed as a decisive victory for transparency and market order.
EBC Financial Group (EBC), a global brokerage monitoring the transition, has lauded the move as a sophisticated “rules-based” attempt to fix the structural plumbing of Nigeria’s retail FX segment.
The policy, which allows BDCs to purchase up to $150,000 weekly through authorized dealer banks, is already yielding tangible results, with the gap between the official and parallel market rates narrowing significantly in early February trading.
Unlike previous interventions, the current framework under Governor Cardoso is being praised for its rigorous oversight.
Market analysts point to the mandatory electronic reporting, full KYC (Know Your Customer) protocols, and the 24-hour sell-back rule as critical safeguards that prevent the round-tripping and arbitrage that historically plagued the sector.
“What we are seeing is a Governor who prioritizes the integrity of the transmission mechanism,” said David Barrett, CEO of EBC Financial Group (UK) Ltd. “The focus on a $150,000 cap and tighter settlement checks ensures that dollars reach the end-users who need them for school fees, travel, and small business imports, rather than speculators.”
The market response to the Governor’s retail reset has been swift. Data from the mid-February trading sessions shows a notable appreciation of the Naira, as the mere signal of consistent supply cooled speculative demand.
The commendations come at a critical time when global variables specifically Brent oil prices hovering near $70 and a firm US Dollar are testing emerging markets.
Analysts believe that by strengthening the domestic plumbing now, Governor Cardoso has provided the Naira with a much-needed buffer against external volatility.
The upcoming Monetary Policy Committee (MPC) meeting on February 23–24 is expected to further reinforce this stability.
With external reserves reportedly climbing toward $47.5 billion, the CBN is entering this new phase from a position of renewed strength.
The consensus among Lagos-based financial houses and international observers like EBC is that Nigeria has moved past episodic injections toward a sustainable, market-led model.
By empowering licensed BDCs while enforcing strict compliance, the CBN Governor is being credited with restoring narrative discipline to the Nigerian economy, ensuring that even when global rates shift, the domestic market remains grounded in transparency.