The Central Bank of Nigeria (CBN) has officially extended the deadline for Bureau de Change (BDC) operators to access foreign exchange (FX) sales in the informal currency market. The new deadline is now set for May 30, 2025, instead of the initial January 31 deadline. This extension is aimed at ensuring the continued availability of FX to meet retail market demands.
The announcement was made via a circular issued by Dr. W. J. Kanya, Acting Director of the Trade and Exchange Department. The circular, titled “Sales of Foreign Exchange to BDCs to Meet Retail Market Demand for Eligible Invisible Transactions”, was published on the CBN’s official website.
The CBN’s directive refers to an earlier circular (TED/FEM/PUB/FPC/001/030) issued on December 19, 2024. This earlier directive had temporarily allowed existing BDC operators to purchase foreign currency from authorized dealers, with a weekly limit of $25,000. The extension ensures that these terms remain in place until May 30, 2025, providing additional time for BDCs to support retail FX demand.
Dr. Kanya reaffirmed the CBN’s commitment to maintaining a functional and stable FX market, emphasizing that the bank would continue to provide liquidity to manage exchange rate volatility. In late 2024, the CBN had instructed BDC operators to buy US dollars from commercial banks at official rates until January 31. With this extension, the deadline is now moved to May 30, 2025, allowing more time for businesses and individuals to access foreign currency through BDCs.
The CBN’s decision to extend the FX sales deadline comes at a time of fluctuating global economic conditions and currency market uncertainties. By prolonging access to FX sales for BDCs, the central bank aims to ensure a stable exchange rate environment while supporting Nigeria’s broader economic recovery efforts.