The Central Bank of Nigeria (CBN) has granted Bureau de Change (BDC) operators temporary access to purchase up to $25,000 weekly from the Nigerian Foreign Exchange Market (NFEM) to address seasonal forex demand during the holidays.
This scheme, effective from December 19, 2024 to January 30, 2025, mandates transactions at the prevailing NFEM rate, with a maximum 1 per cent spread for retail pricing.
BDC operators must fund their accounts fully before accessing the market and can purchase forex from only one authorised dealer. All transactions are to be reported to the CBN’s Trade and Exchange Department.
The CBN assured the public that Personal Travel Allowance and Business Travel Allowance remain available through banks at market-determined rates within the NFEM framework.
