The Central Bank of Nigeria (CBN) has extended the lifeline for Bureau de Change (BDC) operators, allowing them to continue purchasing foreign exchange (FX) from authorised dealers until May 30th. This decision, outlined in a circular issued on Monday, aims to alleviate pressure on the retail FX market and ensure adequate supply to meet the needs of ordinary Nigerians.
“We understand the critical role BDCs play in serving the retail market,” W. J. Kanya, Acting Director of the Trade and Exchange Department at the CBN, stated in the circular. “This extension provides crucial flexibility to better serve the needs of Nigerians seeking to meet legitimate foreign exchange demands.”
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The initial deadline for BDCs to access the Nigerian Foreign Exchange Market (NFEM) was set to expire on January 31st. However, recognising the ongoing need to stabilise the FX market and address potential supply constraints, the CBN deemed an extension necessary.
“The CBN remains committed to ensuring a stable and liquid foreign exchange market,” Kanya emphasised. “By extending this access, we aim to mitigate price volatility and prevent undue hardship on Nigerians seeking to meet legitimate FX needs, such as travel, education, and medical expenses.”
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This move by the CBN comes amidst ongoing efforts to address the challenges facing the Nigerian economy, including currency fluctuations and inflationary pressures. By allowing BDCs to continue playing a role in the FX market, the CBN aims to enhance accessibility for ordinary Nigerians and ensure a more equitable distribution of foreign exchange.
