CBN Extends FX Sale Period to BDCs

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.


Discover more from LN247

Subscribe to get the latest posts sent to your email.

Advertisement

Most Popular This Week

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

More from Author

Advertisement

Read Now

Naira Hits Highest Point in 2025, Nearing N1,500/$ in Black Market Amid Reforms

The Nigerian naira has reached its strongest position in the unofficial market in 2025, buoyed by improved market fundamentals and ongoing reforms from the Central Bank of Nigeria. In the early hours of Tuesday, the naira was quoted at N1,520/$ in Nigeria's business capital, marking a significant...

MTN Raises Data Prices as Nigerian Telcos Enforce 50% Hike Approval

MTN Nigeria has raised its data subscription prices as telecommunications operators across the country begin implementing the 50% price increase recently approved by the Nigerian Communications Commission (NCC). The updated MTN data prices, as seen by Nairametrics, reveal that the 1.8GB monthly plan now costs N1,500, replacing the...

CBN Reschedules MPC Meeting To February 19 And 20

The Central Bank of Nigeria (CBN) has rescheduled the 299th Monetary Policy Committee (MPC) meeting, which was originally set for February 17 and 18, 2025. According to a statement issued on Monday, the meeting will now take place on February 19 and 20, 2025. The statement read, “The...

Discover more from LN247

Subscribe now to keep reading and get access to the full archive.

Continue reading