CBN Extends Deadline for Temporary FX Sales to BDCs Operators
The Central Bank of Nigeria (CBN) has extended the Foreign Exchange (FX) sale period to Bureau de Change (BDC) operators in the informal currency market until May 30, 2025, according to an official statement.
This aims to better serve retail market demands. The bank disclosed this in a circular, signed by Dr W. J. Kanya, Acting Director of the Trade and Exchange Department, to BDCs on Monday and made available on its website.
The circular, titled, “Sales of Foreign Exchange To BDCs To Meet Retail Market Demand For Eligible Invisible Transactions”, shifted the previous deadline of Jan. 31.
“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.
Late in 2024, the authority told BDCs operators to purchase US dollars from banks at the official rate up till January 31 to support demand for invisible transactions. # CBN Extends Deadline for Temporary FX Sales to BDCs Operators Telecom Hike: LCCI Seeks Continuous Stakeholders’ Engagement
