CBN gives BDCs 43-day access to official forex market

The Central Bank of Nigeria (CBN) has granted Bureau de Change operators (BDCs) temporary access to the Nigeria Foreign Exchange Market (NFEM) from December 19, 2024, to January 30, 2025, with a weekly cap of $25,000. 

NFEM, formerly known as the Investors’ and Exporters’ window, is the market trading segment for investors, exporters and end users that allows for FX trades to be made at market determined exchange rate.

Transactions require upfront funding at prevailing rates and must follow a maximum of 1% spread, the CBN said on Friday.

PTA/BTA remain available at banks for personal and business travel needs, and all legitimate FX transactions occur in the NFEM at market-determined rates, according to the central bank.