The Central Bank of Nigeria has limited bureau de change operators’ single foreign exchange cash sales to $5,000.
According to the apex bank, the policy, outlined in the Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for Fiscal Years 2024/2025, is aimed at regulating cash sales in the foreign exchange market to ensure stability and compliance.
Bureau de change are businesses that, in competition with other similar businesses, make their profit by buying foreign currency and then selling the same currency at a higher exchange rate.
According to the report, bureau de change operators “shall continue to observe a maximum foreign exchange cash sales limit of $5,000 per approved transaction.”
This cap restricts the amount of foreign currency a customer can obtain in cash from any bureau de change at one time, which is part of the Central Bank of Nigeria’s broader efforts to manage foreign exchange reserves and curb the misuse of foreign currency.
