The Central Bank of Nigeria has extended the deadline for Bureau de Change (BDC) operators to purchase foreign exchange (FX) from the Nigerian Foreign Exchange Market (NFEM) to May 30, 2025.
The CBN had in December 2024 granted BDCs temporary permission to purchase up to $25,000 weekly from the NFEM from December 19, 2024, to January 30, 2025. The initiative was designed to enable the operators to meet seasonal retail demand for FX during the festive period.
However, in a circular released on Monday, the apex extended the period of access while keeping every other aspect of the previous directive intact.
“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 circular read.
“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.”
As per the earlier guideline, BDCs can purchase FX from a single Authorised Dealer of their choice, provided they fully fund their accounts before accessing the market.
The CBN has also mandated that all transactions be conducted at the prevailing NFEM rate, with operators required to maintain a maximum 1% spread when pricing FX for retail customers
To ensure transparency and regulatory compliance, all transactions conducted through this framework must be reported to the CBN’s Trade and Exchange Department.
The Bank also reassured the public that Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) remain accessible through banks for legitimate travel and business purposes. These transactions will be conducted at market-determined exchange rates within the NFEM framework.
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The new directive reinforces the CBN’s commitment to a fully functional FX market while ensuring liquidity to manage price volatility.
