CBN Makes Fresh Move To Crash The Dollar, Permits BDCs to Buy Forex from NAFEM

The Central Bank of Nigeria (CBN) has approved Bureau de Change (BDC) operators to purchase up to $25,000 weekly from the Nigerian Foreign Exchange Market (NFEM) between December 19, 2024, and January 30, 2025. This temporary measure aims to meet the increased demand for foreign exchange during the holiday season. All transactions must follow the NFEM rate, with BDCs maintaining a maximum price spread of 1% when selling to end-users. BDC operators are required to fully fund their accounts before accessing the market and can only buy from one authorized dealer of their choice. The CBN has also assured Nigerians that foreign exchange for Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) will remain available through banks for legitimate travel and business purposes. This move is expected to stabilize the naira during the festive period and improve FX liquidity. Experts, including ABCON president Aminu Gwadabe, have praised the intervention, calling for increased volume and frequency to ensure sustained impact. There is optimism that these efforts will support a stronger naira in the coming year.

Legacy contact: Don Richie | Phone: +2348063973427 | Email: [email protected]