The Central Bank of Nigeria (CBN) has opened the Nigeria Foreign Exchange Market (NFEM) to operators of the Bureaux De Change (BDCs).
In a statement issued Friday, CBN Acting Director, Trade and Exchange Department, T.G Aliu, said the policy shift was to enable the BDCs meet expected seasonal demand for foreign exchange.
He said the CBN is allowing a temporary access for all existing BDCs to the NFEM for the purchase of FX from Authorised Dealers, subject to a weekly cap of USD 25,000.00, adding that the window will be open between December 19, 2024 to January 30, 2025.
“BDC operators can purchase FX under this arrangement from only one Authorized Dealer of their choice and will be required to fully fund their account before accessing the market at the prevailing NFEM rate. All transactions with BDCs should be reported to the Trade and Exchange department, and a maximum spread of one per cent is allowed on the pricing offered by BDCs to retail end-users,” he said.
“The general public is also reminded of the continued availability of PTA/BTA from their banks to meet their personal and business travel requirements, and that all legitimate and eligible foreign exchange transactions are expected to be complete in the NFEM, at the market determined exchange rate,” he added.
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Aliu said the CBN remains committed to a fully functional foreign exchange market and will continue to provide liquidity when necessary to manage price volatility Please be guided accordingly.
Reacting, President, Association of Bureaux De Change Operators of Nigeria (ABCON), Aminu Gwadabe, applauded the CBN for the lifting of the suspension of sales of interbank FX to BDCs at the official market.
“We are delighted that the CBN have considered our members’ accessibility to the New EFEMS Market through the banks. This development is a testament of the CBN’s recognition of our third level roles in the foreign exchange market architecture,” he said.
Gwadabe listed some of the benefits of the new policy as improved forex liquidity in the market, which will have positive impact on the naira.
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