The Central Bank of Nigeria, CBN, has just released a circular that temporarily permits BDCs to purchase up to $25,000 weekly in foreign exchange from the Nigerian Foreign Exchange Market, NFEM.
This is to take effect from December 19, 2024, to January 30, 2025, in a bid to cover up for the seasonal demand of FX in the country.
However, another clause in the circular states that BDCs are to only buy from CBN’s authorized dealers and to allow a maximum 1% pricing spread to retail end users.
A statement from the circular reads, “In order to meet expected seasonal demand for foreign exchange, the CBN is allowing temporary access for all existing BDCs to the NFEM for the purchase of FX from authorised dealers, subject to a weekly cap of USD 25,000.00 (Twenty-five thousand dollars only).
“This window will be open between December 19, 2024, and January 30, 2025.”
Furthermore, the CBN has stated that all transactions must be reported to them.
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