
The Central Bank of Nigeria (CBN) has prolonged the short-term window that permits Bureau de Change (BDC) operators to buy international change (FX) from authorised sellers on the Nigerian International Trade Market (NFEM).
Initially set to run out on January 31, 2025, the association will now stay in place till Might 30, 2025.
The choice to increase was communicated to all Bureau De Change Operators by way of a round TED/FEM/PUB/FPC/001/003 by the apex financial institution on Monday.
The extension, the CBN mentioned, is to make sure that BDCs can proceed buying as much as $25,000 per week, below the identical phrases and circumstances outlined within the CBN’s earlier directive dated December 19, 2024.
The extension indicators the CBN’s continued efforts to stabilise the FX market and handle liquidity challenges.
The regulator emphasised its dedication to sustaining a completely useful international change system, noting that it’ll intervene as wanted to handle worth volatility.
In response to a earlier assertion by the CBN on February 24, 2024, BDC operators may also supply FX from different channels, together with vacationers and returnees from the diaspora, expatriates who obtain international change inflows from work, journey, or funding, in addition to residents with comparable FX inflows by their domiciliary accounts. Different permitted sources embody Worldwide Cash Switch Operators (IMTOs), embassies, and accommodations which are licensed consumers of FX.