The Central Bank of Nigeria, CBN, has temporarily permitted Bureau de Change, BDC, operators to purchase up to $25,000 weekly in foreign exchange, FX, from the Nigerian Foreign Exchange Market, NFEM. The apex bank disclosed this in a circular signed by T.G. Aliu on behalf of the acting director of Trade and Exchange Department.
The move is designed to meet seasonal retail demand for FX during the holiday period. The arrangement will be in effect from December 19, 2024, to January 30, 2025. CBN explained that under the directive, BDCs may purchase FX from a single authorised dealer of their choice, provided they fully fund their accounts before accessing the market.
reports that the Naira weakened slightly against the dollar in the foreign exchange market on Friday.
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