February 04, (THEWILL) – The Central Bank of Nigeria has announced the extension of the sale period of foreign exchange to Bureau de Change operators until May 30, 2025.
The development was disclosed in a circular issued on Monday, signed by Dr. W. J. Kanya, the Acting Director of the Trade and Exchange Department.
Titled “Sales of Foreign Exchange to BDCs to Meet Retail Market Demand for Eligible Invisible Transactions,” the circular read, “We refer to our circular TED/FEM/PUB/FPC/001/030 dated December 19, 2024, which granted temporary access to existing BDCs to the Nigerian Foreign Exchange Market (NFEM) for the purchase of FX from authorised dealers, subject to a weekly cap of $25,000.
“The expiry date of January 31, 2025, as stated in the aforementioned circular, has been extended to May 30, 2025.”
The apex bank noted that all other terms and conditions outlined in the earlier circular remain unchanged.
Kanya reaffirmed the CBN’s commitment to maintaining a stable and functional foreign exchange market, adding that the bank will continue to provide liquidity to mitigate price volatility and support market stability.
Felix Ifijeh is a journalist with years of professional reporting experience. Known for his keen news sense, compelling storytelling and commitment to accurate, impactful reporting, he has built a reputation for turning leads into clear, engaging, and well-structured reports that resonate with readers. His work reflects deep newsroom experience and a commitment to accurate, impactful journalism.
