CBN takes action to manage forex by imposing temporary weekly transaction limits for Bureau De Change operators across Nigeria.
The Central Bank of Nigeria (CBN) has established a temporary measure permitting Bureau de Change (BDC) operators to acquire up to $25,000 in foreign exchange weekly via the Nigerian Foreign Exchange Market (NFEM), which commenced earlier this month.
This policy, effective from December 19, 2024, to January 30, 2025, is designed to meet the increased demand for foreign currency during the holiday period.
A circular issued on December 19, 2024, and signed by T.G. Allu on behalf of the CBN’s acting Director of Trade and Exchange, outlined the initiative’s stipulations.
It specified that BDC operators must fully fund their accounts prior to purchasing forex from a single authorized dealer at the current NFEM rate, with a maximum spread of 1 percent when pricing for retail customers.
The CBN stated that this temporary access is intended to accommodate the anticipated seasonal demand for foreign exchange, with the designated window open from December 19, 2024, to January 30, 2025.
Additionally, the CBN stressed that all transactions under this arrangement must be reported to its Trade and Exchange Department, while assuring the public that Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) will continue to be available through banks at market-determined rates within the NFEM framework, reaffirming its dedication to a stable and liquid forex market.
Peoplesmind
