Waiver: CBN Permits BDCs To Buy $250,000 Weekly From Banks To Meet Festive Season’s Demand

The New Diplomat
Writer

Ad

BREAKING! [VIDEO] Ministers, Advisors, Party Chief, military officers killed in Helicopter Crash in Ghana

By Abiola Olawale A devastating military helicopter crash in Ghana’s Adansi Akrofuom District has claimed the lives of eight individuals, including two prominent ministers, advisors, and military personnel. The incident, which occurred on Wednesday, August 6, 2025, has been described as a "Black Wednesday" for Ghana, with the government and citizens grappling with the profound…

South-South Highways Now Dead traps, Says King of Idjerhe

By Abiola Olawale In a passionate plea, His Royal Majesty, King Obukowho Monday Arthur Whiskey, the Ovie of Idjerhe Kingdom, has spoken up about what he called the deteriorating state of roads in Nigeria’s South-South region, labeling them "death traps" that have left communities isolated and lives at risk. The monarch also urged both the…

Murdoch to provide health updates to Trump in deal to delay Epstein case deposition

Rupert Murdoch will give President Donald Trump updates on his health to postpone his deposition in Trump’s defamation lawsuit over a Wall Street Journal article about Jeffrey Epstein. The agreement comes after Trump’s lawyers sought a quick deposition from Murdoch, implying he could be dead or too sick to testify in person by the time…

Ad

By Kolawale Ojebisi

As the Christmas and New Year celebrations inch closer, the Central Bank Of Nigeria has granted eligible Bureau De Change (BDC) operators temporary access to the Nigerian Autonomous Foreign Exchange Market (NAFEM) to purchase $25,000 weekly.

This waiver will last for almost one and a half months starting from December 19 and coming to an end on January 30.

This development is contained in a statement issued on Friday by the CBN Director of Trade And Exchange Department, T.G Ally.

According to the statement, the apex bank said BDCs will purchase foreign exchange (FX) from authorised dealers to meet retail market demand.

Authorised dealers are banks licenced by the CBN to deal in foreign exchange.

“In order to meet expected seasonal demand for foreign exchange, 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 (Twenty-five thousand dollars only). This window will be open between December 19, 2024 to January 30, 2025,” CBN said.

“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 1% is allowed on the pricing offered by BDCs to retail end-users.”

CBN also said the personal travel allowance ( PTA) and business travel allowance (BTA) remain available and can be accessed from their banks to meet travel requirements.

“All legitimate and eligible foreign exchange transactions are expected to be completed in the NFEM, at the market determined exchange rate,” the apex bank added.

“The CBN remains committed to a fully functional foreign exchange market and will continue to provide liquidity when necessary to manage price volatility.”

On September 25, CBN approved the sale of foreign exchange (FX) to eligible BDC operators at N1,590 per dollar to meet the demand for invisible transactions.

Ad

X whatsapp