The Central Bank of Nigeria (CBN) has extended the temporary window that allows Bureau de Change (BDC) operators to purchase foreign exchange (FX) from authorised dealers at the Nigerian Foreign Exchange Market (NFEM).
Initially set to expire on January 31, 2025, the arrangement will now remain in place until May 30, 2025.
The decision to extend was communicated to all Bureau De Change Operators via a circular TED/FEM/PUB/FPC/001/003 by the apex bank on Monday.
The extension, the CBN said, is to ensure that BDCs can continue purchasing up to $25,000 per week, under the same terms and conditions outlined in the CBN’s earlier directive dated December 19, 2024.
The extension signals the CBN’s continued efforts to stabilise the FX market and address liquidity challenges.
The regulator emphasized its commitment to maintaining a fully functional foreign exchange system, noting that it will intervene as needed to manage price volatility.
According to a previous statement by the CBN on February 24, 2024, BDC operators can also source FX from other channels, including tourists and returnees from the diaspora, expatriates who receive foreign exchange inflows from work, travel, or investment, as well as residents with similar FX inflows through their domiciliary accounts.
Other permitted sources include International Money Transfer Operators (IMTOs), embassies, and hotels that are authorized buyers of FX.
Credit: thenationonlineng.net
