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The Central Bank of Nigeria (CBN) has extended the deadline for Bureau de Change (BDC) operators to purchase $25,000 weekly from banks until May 30, 2025. The extension aims to stabilize forex liquidity and regulate market volatility. Analysts remain divided on its long-term impact on Nigeria’s exchange rate.

The Central Bank of Nigeria (CBN) has announced an extension for Bureau de Change (BDC) operators to continue purchasing foreign exchange from banks. Initially set to end on January 30, 2025, the deadline has now been pushed to May 30, 2025.

This policy, which allows eligible BDCs to buy up to $25,000 per week from the Nigerian Autonomous Foreign Exchange Market (NAFEM), was first introduced in December 2024 as part of efforts to stabilize the foreign exchange market. The extension aims to ensure continued liquidity and support the Naira against fluctuating exchange rates.

Market analysts have welcomed the decision, noting that it could help ease the demand for dollars in the parallel market. However, concerns remain over whether this approach will provide long-term relief or merely delay further volatility in the currency market.

The CBN’s latest move aligns with its broader efforts to regulate forex transactions and maintain economic stability. Stakeholders, including financial experts and business owners, are expected to closely monitor how the extension impacts exchange rates in the coming months.