The Central Bank of Nigeria (CBN) has granted Bureau de Change (BDC) operators temporary access to purchase up to $25,000 weekly from the Nigerian Foreign Exchange Market (NFEM) to address increased holiday-season demand for foreign exchange.
A circular dated December 19, 2024, signed by T.G. Allu on behalf of the acting Director of the Trade and Exchange Department, stated that the measure would be in effect from December 19, 2024, to January 30, 2025.
The directive mandates that transactions be conducted at the prevailing NFEM rate, with a maximum 1% spread allowed for pricing retail sales.
BDCs are allowed to purchase foreign exchange from a single authorized dealer, provided they fully fund their accounts in advance.
All transactions under this arrangement must be reported to the CBN’s Trade and Exchange Department.
The CBN also reaffirmed that Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) remain available through banks at market-determined rates for legitimate purposes.
