The Central Bank of Nigeria (CBN) has extended the Foreign Exchange (FX) sale period to Bureau de Change (BDC) operators to May 30, 2025,
According to a circular from the CBN titled “Sales of Foreign Exchange To BDCs To Meet Retail Market Demand For Eligible Invisible Transactions,” the aim is to serve retail market demands better.
The circular, signed by Dr W. J. Kanya, Acting Director of the Trade and Exchange Department, to BDCs hosted on its website shifted the previous deadline of Jan. 31.
The circular said “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 said. Kanya added that CBN remained committed to ensuring a fully functional foreign exchange market and would continue to provide liquidity to manage price volatility. currency exchange services” the circular indicated.
