CBN extends timeframe for BDCs to buy $25,000 weekly from banks
[NigerianEye - Nigeria] - 4/02/2025
The Central Bank of Nigeria (CBN) has extended the timeframe for eligible bureau de change (BDC) operators to access the Nigerian Autonomous Foreign Exchange Market (NAFEM) for foreign exchange (FX). On December 20 2024 CBN granted BDC operators temporary access to NAFEM to purchase $25,000 weekly from December 19, 2024, to January 30, 2025. CBN said BDCs will purchase FX from authorised dealers, which are banks licenced by the apex bank to deal in foreign exchange, to meet retail market demand. However, in a circular on Monday by W.J. Kanya, acting director, trade and exchange department, (…)
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