The Central Bank of Nigeria (CBN) has given Bureau de Change (BDC) operators a breather, extending the deadline for them to purchase foreign exchange (FX) from the Nigerian Foreign Exchange Market (NFEM) to May 30, 2025.

This move is a continuation of the temporary permission granted in December 2024, which allowed BDCs to buy up to $25,000 weekly from the NFEM until January 30, 2025. The goal was to help them meet the surge in demand for FX during the festive season.

BDCs can purchase FX from a single Authorized Dealer of their choice, provided they fully fund their accounts before accessing the market. All transactions must be conducted at the prevailing NFEM rate, with operators required to maintain a maximum 1% spread when pricing FX for retail customers.

To ensure transparency and regulatory compliance, all transactions conducted through this framework must be reported to the CBN’s Trade and Exchange Department.

The CBN has reassured the public that Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) remain accessible through banks for legitimate travel and business purposes. These transactions will be conducted at market-determined exchange rates within the NFEM framework.

This move reinforces the CBN’s commitment to a fully functional FX market while ensuring liquidity to manage price volatility.