The Central Bank of Nigeria (CBN) has granted Bureau de Change (BDC) operators temporary access to purchase up to $25,000 weekly in foreign exchange (FX) from the Nigerian Foreign Exchange Market (NFEM).
This measure, effective from December 19, 2024, to January 30, 2025, aims to meet the increased retail demand for FX during the holiday season. BDCs can purchase FX from a single authorized dealer of their choice, provided they fully fund their accounts beforehand.
Transactions will occur at the prevailing NFEM rate, with BDCs allowed a maximum 1% spread when selling FX to retail customers.
All transactions must be reported to the CBN. The CBN also reassured the public that Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) remain available through banks at market-determined rates within the NFEM framework.
