The Central Bank of Nigeria (CBN) has extended the deadline for foreign exchange (FX) sales to Bureau de Change (BDC) operators by four months, moving the initial January 31 deadline to May 30.
This extension aims to enhance accessibility and better meet retail market demands for eligible invisible transactions.
The announcement was made in a circular issued by Dr. W. J. Kanya, Acting Director of the Trade and Exchange Department, and published on the CBN’s website on Monday. The circular, titled "Sales of Foreign Exchange to BDCs to Meet Retail Market Demand for Eligible Invisible Transactions," formally communicated the extension to BDC operators.
“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 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 acting director said.
Kanya explained that the apex bank remained committed to ensuring a fully functional foreign exchange market and would continue to provide liquidity to manage price volatility.
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