The Central Bank of Nigeria CBN has granted Bureau de Change operators temporary permission to purchase up to $25,000 weekly in foreign exchange from the Nigerian Foreign Exchange Market, which was launched earlier this month.
In a circular dated December 19, 2024, and signed by T.G. Allu, on behalf of the CBN’s acting Director, Trade and Exchange Department, it was noted that this move is designed to meet seasonal retail demand for forex during the holiday period.
The arrangement will be in effect from December 19, 2024, to January 30, 2025.
According to the circular, BDCs may purchase forex from a single authorised dealer of their choice, provided they fully fund their accounts before accessing the market.
