The Central Bank of Nigeria (CBN) has announced an extension of the FX sale period to Bureau de Change (BDC) operators until May 30, 2025, in order to better meet retail market demand.
This decision was communicated through a circular signed by Dr. W. J. Kanya, Acting Director of the Trade and Exchange Department, which was sent to BDCs on Monday and is also available on the CBN website.
The circular, titled “Sales of Foreign Exchange To BDCs To Meet Retail Market Demand For Eligible Invisible Transactions,” extends the original deadline of January 31, 2025. It reads:
“We refer to our circular TED/FEM/PUB/FPC/001/030 dated December 19, 2024, which granted temporary access to existing BDCs to the NFEM for the purchase of FX from Authorised Dealers, subject to a weekly cap of USD 25,000.00.
The expiry date of January 31, 2025, which was granted in the above-mentioned circular has been extended to May 30, 2025.
All other terms and conditions in the above-mentioned circular remain unchanged,” the acting director stated.
Dr. Kanya further emphasized that the CBN remains committed to ensuring a fully operational foreign exchange market and will continue providing liquidity to manage price volatility.
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