The Central Bank of Nigeria (CBN) has announced a temporary policy allowing Bureau de Change (BDC) operators to purchase up to $25,000 weekly in foreign exchange (FX) from the Nigerian Foreign Exchange Market (NFEM). This move aims to address the increased demand for foreign currency during the holiday season.
The directive, which was outlined in a circular signed by T.G. Aliu on behalf of the acting director of the Trade and Exchange Department, will remain in effect from December 19, 2024, to January 30, 2025.
According to the CBN, BDC operators will be able to acquire foreign currency from any authorized dealer of their choice, provided their accounts are fully funded before making the transaction. These purchases will be conducted at the prevailing NFEM rate, and BDCs are required to apply a maximum 1% spread when pricing foreign exchange for retail customers.
The CBN has also mandated that all transactions under this scheme be reported to the bank for monitoring purposes. This temporary window is expected to alleviate seasonal retail demand for foreign exchange as the holiday period approaches.
Despite this move, the Naira has experienced a slight dip against the US dollar in the foreign exchange market, as reported on Friday.
The scheme is expected to bring relief to the foreign exchange market and improve access to dollars for retail consumers, as the demand for FX tends to rise during the end-of-year holiday season.
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