The Central Bank of Nigeria has extended the temporary access granted to Bureau de Change operators for purchasing foreign exchange from the Nigerian Foreign Exchange Market till May 30, 2025.
This extension was disclosed in a circular issued on Monday by the Trade and Exchange Department of the apex bank, allowing BDCs to continue purchasing forex from authorised dealers under existing conditions.
The circular referenced TED/FEM/PUB/FPC/001/003 and signed by W. J. Kanya, the acting Director of the Trade & Exchange Department, referred to an earlier directive TED/FEM/PUB/FPC/001/030 issued on December 19, 2024.
The previous circular had granted temporary access to existing BDCs to source foreign exchange from authorised dealers, with a weekly cap of $25,000. Initially set to expire on January 31, 2025, the directive has now been extended for another four months, until May 30, 2025.
The CBN stated that all other terms and conditions outlined in the previous circular remain unchanged.
The extension shows the bank’s commitment to maintaining a fully functional foreign exchange market, ensuring liquidity, and addressing retail demand for eligible invisible transactions.
