Regulatory Alerts2024-12-20 | TED/FEM/PUB/FPC/001/030Sales of Foreign Exchange to BDCs to Meet Retail Market Demand for Eligible Invisible Transactions
The Central Bank of Nigeria is allowing existing Bureau de Change Operators (BDCs) temporary access to the NFEM to purchase foreign exchange from Authorized Dealers, with a weekly cap of USD 25,000, from December 19, 2024, to January 30, 2025. BDCs can purchase FX from one Authorized Dealer, and must fully fund their account beforehand, with transactions reported to the Trade and Exchange department. The public is reminded of the availability of PTA/BTA from banks for travel needs, and that legitimate FX transactions should be completed in the NFEM at market-determined rates.