The Central Bank of Nigeria (CBN) has granted eligible Bureau de Change (BDC) operators more time to access the Nigerian Autonomous Foreign Exchange Market (NAFEM) for foreign exchange (FX).
Initially, the CBN had granted BDC operators temporary access to NAFEM to purchase $25,000 weekly from December 19, 2024, to January 30, 2025.
However, in a recent circular, the CBN extended the deadline until May 30, 2025.
According to the circular issued by W.J. Kanya, Acting Director, Trade and Exchange Department, CBN, 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.
The CBN emphasized its commitment to maintaining a fully functional foreign exchange market, ensuring liquidity when necessary to manage price volatility.
BDC operators will continue to purchase FX from authorized dealers, which are banks licensed by the apex bank to deal in foreign exchange, to meet retail market demand.
Other sources of FX for BDC operators include tourists, returnees from the diaspora, and expatriates with foreign exchange inflows from work, travel, investment, or their domiciliary accounts.
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