Abuja, Feb. 4, 2025 – The Central Bank of Nigeria has extended the temporary access granted to Bureau de Change operators to purchase foreign exchange from the Nigerian Foreign Exchange Market till May 30, 2025.
The apex bank announced this is in a circular issued on Monday, Feb. 3, 3025 and signed by Dr. W. J. Kanya, the acting Director of the Trade & Exchange Department.
The circular, TED/FEM/PUB/FPC/001/003, referred to an earlier directive TED/FEM/PUB/FPC/001/030 issued on December 19, 2024 which granted temporary access to the BDCs to source foreign exchange from authorised dealers with a weekly cap of $25,000.
The circular 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 USD25,000.00.
“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 CBN remains committed to a fully functional foreign exchange market and will continue to provide liquidity when necessary to manage price volatility.” (GBN)
