The Central Bank of Nigeria (CBN) has extended the timeframe for eligible Bureau de Change (BDC) operators to access the Nigerian Autonomous Foreign Exchange Market (NAFEM) for foreign exchange (FX) purchase. The initial deadline of January 31, 2025, has been pushed to May 30, 2025, to allow BDCs to continue sourcing FX from authorized dealers.
The Central Bank of Nigeria (CBN) has extended the period within which eligible Bureau de Change (BDC) operators can access the Nigerian Autonomous Foreign Exchange Market ( NAFEM ) to purchase foreign exchange (FX). Initially, on December 20, 2024, the CBN granted BDC operators temporary access to NAFEM , allowing them to purchase \$25,000 weekly from December 19, 2024, to January 30, 2025.
The aim was to address the demand in the retail foreign exchange market by enabling BDCs to source FX from authorized dealers, which are banks licensed by the CBN to handle foreign exchange transactions.However, in a circular issued on Monday by W.J. Kanya, acting director, trade and exchange department, the CBN announced an extension of the deadline to May 30, 2025. The statement clarified that the extension applies to the existing circular TED/FEM/PUB/FPC/001/030 dated December 18, 2024, which granted temporary access to existing BDCs to purchase FX from authorized dealers through NAFEM, with a weekly cap of \$25,000.The CBN emphasized its commitment to maintaining a fully functional foreign exchange market and stated its willingness to provide liquidity when necessary to manage price volatility. The apex bank also reiterated that the primary beneficiaries of this temporary access to NAFEM are individuals and entities involved in foreign exchange transactions, including tourists, returning diaspora members, expatriates, residents with foreign exchange inflows from various sources, International Money Transfer Operators (IMTOs), embassies, and hotels authorized to buy FX
Central Bank Of Nigeria NAFEM Bureau De Change Foreign Exchange FX Market
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Northern Youth Group Criticizes CBN Staff LayoffsThe Arewa Youth Assembly (AYA) condemns the Central Bank of Nigeria (CBN)'s decision to allow over 1,000 staff to leave voluntarily, calling it insensitive and detrimental to the already struggling economy.
Read more »
Dismissed CBN Staff Sue Bank for Unlawful TerminationFormer CBN employees allege violation of internal policies, labor laws, and contractual rights in their mass layoff last year.
Read more »
Former CBN Director Advises Nigeria to Borrow Only for Capital ExpenditureTitus Okunrounmu, a former director of the Central Bank of Nigeria (CBN), has recommended that the federal government limit borrowing to capital projects, arguing that proceeds from these investments can facilitate repayment. He also urged the government to strategically reduce governance costs and highlighted the positive economic impact of the Port-Harcourt refinery resuscitation.
Read more »
CBN to banks: We'll no longer approve requests for extension of export proceeds repatriationThe Central Bank of Nigeria (CBN) says requests for the extension of export proceeds repatriation by authorised foreign exchange (FX) dealers will no longer be approved.
Read more »
CBN Suspends Extension of Export Proceeds RepatriationThe Central Bank of Nigeria (CBN) announced the suspension of requests for the extension of export proceeds repatriation, aiming to enforce stricter compliance with foreign exchange regulations.
Read more »
CBN launches non-resident account for Nigerians in diaspora to invest in local assetsThe Central Bank of Nigeria (CBN) has introduced the non-resident Nigerian ordinary account (NRNOA) and non-resident Nigerian investment account (NRNIA) for Nigerians in the diaspora.
Read more »