How to buy dollars legally.
Last reviewed: October 2026.
The bank route
Banks sell foreign exchange for documented needs under CBN rules. The main windows are PTA (personal travel allowance, $4,000 per quarter), BTA (business travel allowance, $5,000 per quarter), school fees (up to $25,000 per semester under the June 2026 FX Manual), and medical bills ($5,000).
What you will need
A valid passport, visa, and a return ticket dated within 14 days for travel allowances; admission letters and school invoices for fees. Your bank walks you through Form A where it still applies.
The 25% cash rule
For PTA and BTA, the CBN caps the cash you can collect at 25% via BDCs; at least 75% must go onto a prepaid card. Plan around this before you travel.
The BDC route
Licensed Bureau de Change operators serve smaller cash needs at street rates. Use only licensed BDCs, agree the rate before handing over cash, and keep receipts.
What changed in June 2026
The 4th edition of the CBN FX Manual took effect on 1 June 2026: tuition payments up to $25,000 per semester go through banks, domiciliary access was left unrestricted, and Form A is no longer required for domiciliary remittances.
Questions, answered
Can I buy dollars without travelling or paying school fees?
Banks only sell FX for documented needs. For anything else, licensed BDCs are the legal cash channel, and fintech apps serve transfers and remote earnings.
Is it illegal to buy dollars from a street dealer?
Buying foreign currency for personal use is not a crime, but unlicensed dealing in bulk is. For larger amounts use a licensed BDC or your bank.
How long does a bank FX request take?
Anything from same-day to a few working days depending on the bank, the amount, and how complete your documents are. Start early.
For information only, not financial advice. FX rules change often; confirm current requirements with your bank or a licensed BDC before acting.