CBN-2 (1).jpg
The Central Bank of Nigeria (CBN) has granted Bureau De Change (BDC) operators temporary access to purchase $25,000 weekly from banks to meet increased foreign exchange demand during the yuletide period, from December 19, 2024, to January 30, 2025. This aims to stabilize the retail market and manage price volatility.
The Central Bank of Nigeria (CBN) has announced a temporary measure to address the increased demand for foreign exchange during the yuletide season. From December 19, 2024, to January 30, 2025, Bureau De Change (BDC) operators will be allowed to purchase a maximum of $25,000 weekly from authorized dealers, which include CBN-licensed banks.

This initiative is designed to ensure that there is sufficient liquidity in the market during the holiday season when demand for foreign currency typically rises. The BDCs will be required to fully fund their accounts before accessing the foreign exchange, and they can purchase the currency from only one authorized dealer at the prevailing market rate. A limit of 1% is also imposed on the spread between the purchase price and the retail rate offered to customers.

The CBN has reaffirmed that personal and business travel allowances (PTA and BTA) will still be available through banks to meet travel needs. Additionally, the CBN emphasized its commitment to maintaining a stable foreign exchange market and will continue to provide liquidity as necessary to prevent excessive price volatility. This move follows a previous decision by the CBN to sell foreign exchange to BDCs at a rate of N1,590 per dollar to support invisible transactions.

With these measures, the CBN aims to better manage foreign exchange supply and demand during a period of high seasonal activity.