The Central Bank of Nigeria (CBN) has announced an extension for Bureau de Change (BDC) operators to access foreign exchange (FX) sales in the informal currency market. The new deadline has been shifted to May 30, 2025, from the previously set January 31. This move is intended to sustain the availability of FX to meet retail market needs.
The Trade and Exchange Department’s Acting Director, Dr. W. J. Kanya, made the news in a circular. The CBN’s official website hosted the circular, which was headlined “Sales of Foreign Exchange to BDCs to Meet Retail Market Demand for Eligible Invisible Transactions.”
The CBN’s directive refers to an earlier circular (TED/FEM/PUB/FPC/001/030) issued on December 19, 2024. This earlier directive had temporarily allowed existing BDC operators to purchase foreign currency from authorized dealers, with a weekly limit of $25,000. The extension ensures that these terms remain in place until May 30, 2025, providing additional time for BDCs to support retail FX demand.
Dr. Kanya reaffirmed the CBN’s commitment to maintaining a functional and stable FX market, emphasizing that the bank would continue to provide liquidity to manage exchange rate volatility. In late 2024, the CBN had instructed BDC operators to buy US dollars from commercial banks at official rates until January 31. With this extension, the deadline is now moved to May 30, 2025, allowing more time for businesses and individuals to access foreign currency through BDCs.
The CBN’s move to extend the FX sales deadline coincides with unsettled currency markets and shifting global economic conditions. The central bank hopes to maintain a stable exchange rate environment and aid Nigeria’s larger economic recovery efforts by extending BDCs’ access to FX sales.
