The Central Bank of Nigeria (CBN) has extended the temporary window allowing Bureau de Change (BDC) operators to purchase foreign exchange (FX) from authorized dealers in the Nigerian Foreign Exchange Market (NFEM).
Originally set to end on January 31, 2025, the arrangement will now remain in effect until May 30, 2025.
The extension was communicated to all Bureau de Change Operators through a circular TED/FEM/PUB/FPC/001/003 issued by the apex bank on Monday.
The extension, the CBN said, is to ensure that BDCs can continue purchasing up to $25,000 per week, under the same terms and conditions outlined in the CBN’s earlier directive dated December 19, 2024.
The extension reflects the CBN’s ongoing efforts to stabilize the FX market and address liquidity challenges.
The central bank reaffirmed its commitment to maintaining a fully functional foreign exchange system and stated it would continue to intervene as necessary to manage price volatility.
In a previous statement on February 24, 2024, the CBN clarified that BDC operators could also source FX from additional channels.
These include tourists, returnees from the diaspora, expatriates receiving foreign exchange from work, travel, or investments, as well as residents with similar FX inflows through their domiciliary accounts.
Other approved sources include International Money Transfer Operators (IMTOs), embassies, and authorized hotels that buy FX.