WATCH THE VIDEO HERE The Central Bank of Nigeria has granted temporary permission to Bureau de Change operators, to purchase up to $25,000 in foreign exchange weekly from the Nigerian Foreign Exchange Market, which was launched earlier this month.
The arrangement will be in effect from December 19, 2024, to January 30, 2025.
A circular dated December 19, 2024, and signed by T.G. Allu, on behalf of the CBN’s acting Director, Trade and Exchange Department, explained that this move is designed to meet seasonal retail demand for forex during the holiday period.
The circular noted that transactions will occur at the prevailing NFEM rate, and BDCs are required to adhere to a maximum 1 per cent spread when pricing forex for retail end-users.
CBN permits BDCs to buy $25,000 weekly to meet Yuletide demands
