The Central Bank of Nigeria has extended the deadline for Bureau de Change (BDC) operators to buy foreign exchange (FX) from the Nigerian Foreign Exchange Market (NFEM) until May 30, 2025.
In December 2024, the CBN allowed BDCs temporary access to acquire up to $25,000 per week from the NFEM between December 19, 2024 and January 30, 2025.
The project was aimed to help operators satisfy seasonal retail demand for FX during the holiday season. However, in a circular issued on Monday, the Supreme Court extended the term of access while leaving the prior directive’s other provisions unchanged.
“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 informed the public that Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) are still available through banks for legitimate travel and business needs. These transactions will take place under the NFEM framework at market-determined currency rates.
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