The Central Bank of Nigeria (CBN) has extended the foreign exchange (FX) sale period to Bureau de Change (BDC) operators until 30 May.
This aims to better serve retail market demands.
The bank disclosed this in a circular, bythe acting director of the trade and exchange department, Dr W. J. Kanya 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 31 January
‘We refer to our circular TED/FEM/PUB/FPC/001/030 dated 19 December 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 31 January 2025 which was granted in the above mentioned circular has been extended to 30 May 2025.
‘All other terms and conditions in the above mentioned circular remain unchanged’, the acting director said.
Mr Kanya added that CBN remained committed to ensuring a fully functional foreign exchange market and would continue to provide liquidity to manage price volatility.
