The value of the naira continued to gain strength at the parallel market as the Central Bank of Nigeria extended its sales of weekly foreign exchange sales to bureau dealers change operators.
From N1,620 which it closed last week, the naira sold on Monday at N1,610 to the dollar. A CBN circular cited by Leadership had said it will continue to sell $25,000 to eligible BDCs.
It had earlier set January 31, 2025 as the deadline for the sale of foreign exchange to BDCs but in the circular signed acting Director Trade and Exchange, Dr W.J. Kanya, the deadline has been shifted by an additional four months.
The circular read “We refer to our circular TED/FEM/PUB/FPC/001/030 dated December 19 2024, which granted temporary access to existing BDCs to the NFEM for the purchase of FX from Authorised Dealers, subject to a weekly cap of $25,000.
The expiry date of January 31 2025 which was granted in the above mentioned circular has been extended to May 30 2025. All other terms and conditions in the above mentioned circular remain unchanged.
The CBN remains committed to a fully functional foreign exchange market and will continue to provide liquidity when necessary to manage price volatility.
