• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Saturday, August 30, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

CBN Sells $37.675m To BDCs To Meet Year-end Demand

Operators laud apex’s suspension of ban on forex sales

by Mark Itsibor and Bukola Aro-Lambo
8 months ago
in Business
CBN
Share on WhatsAppShare on FacebookShare on XTelegram

The Central Bank of Nigeria (CBN) has granted Bureau De Change companies temporary access to the Nigerian Foreign Exchange Market (NFEM) from December 19, 2024 to January 30, 2025 for the purchase of forex to a weekly cap of $25,000.

Advertisement

By this move, the CBN would be selling up to $37.675 million to the 1507 operational BDCs in the country on a weekly basis.

“BDC operators can purchase FX under this arrangement from only one Authorised Dealer of their choice and will be required to fully fund their account before accessing the market at the prevailing NFEM rate.

This is as the Association of Bureaux Des Change Operators of Nigeria (ABCON) lauded the CBN for the lifting of the suspension on sales of foreign exchange to its members nationwide.

“All transactions with BDCs should be reported to the Trade and Exchange department, and a maximum spread of one per cent is allowed on the pricing offered by BDCs to retail end-users,” the Central Bank said in a circular that was signed by its acting director, trade and exchange department, T. G Aliu.

RELATED

GTCO Declares Pre-tax Profits Of N300.4bn In Q1

GTCO Crosses N500bn Capital Base With Fresh Fund Injection

22 minutes ago
JUST-IN: Federal Gov’t Increases Mining Fees, Royalties To Be Paid Operators

Scholarship Beneficiaries Seek Minister’s Intervention Over Mining In Community

39 minutes ago
ADVERTISEMENT

The statement said transactions require upfront funding at prevailing rates and must follow a maximum of 1% spread.

NFEM rate is derived at Volume Weighted Average and stands as the official exchange rate for the day.

CBN says PTA/BTA remain available at banks for personal & business travel needs. It insists that all legitimate FX transactions occur in the NFEM at market-determined rates.

ADVERTISEMENT

The bank reminded the public of the continued availability of PTA/BTA from their banks to meet their personal and business travel requirements, and that all legitimate and eligible foreign exchange transactions are expected to be completed in the NFEM, at the market determined exchange rate.

“The CBN remains committed to a fully functional foreign exchange market and will continue to provide liquidity when necessary to manage price volatility. Please be guided accordingly,” Aliu said in the circular.

The expectation is that with the BDCs participation, the Naira would appreciate slightly.

Meanwhile, ABCON president, Aminu Gwadabe, ABCON, in a statement, said: “We are delighted that the CBN have considered our members’ accessibility to the New EFEMS Market through the banks. This development is a testament of the CBN’s recognition of our third level roles in the foreign exchange market architecture.”

As contained in the circular, the purpose is to meet the critical retail-end needs of the market where the BDCs have significantly played a potent and effective transmission monetary mechanism of the CBN policies.

Gwadabe said, the benefits to be achieved in the implementation of the circular includes, but not limited to: “Liquidity injection in the retail-end and enhancing price discovery, where volatility is pervasive, stable exchange rates, eliminate or reduce illegal economic behaviors like speculation and currency substitution in the economy.

“Other benefits includes job creation, Data generation, lower inflationary rate and improving the fragile security situation. To our members, it will revitalize our operations, making us functional and profitable.

“It will also improve our compliance obligations to security and monetary agencies. I therefore, urge all our members to act within the directives in the circular and ensure the desired result of the appreciation of our local currency is sacrosanct.

“BDCs should render their returns regularly, operate inside their offices and ensure seamless automation of their process.” Gwadabe also pleaded with banks to ensure transparency, level playing field in the discharge of their responsibilities to our members nationwide.”


Join Our WhatsApp Channel

Nigerians can now earn US Dollars monthly by acquiring domains cheaply and reselling for profits up to $18,000 (nearly ₦30Million). Beneficiaries include professionals, entrepreneurs, civil servants and more. Click here to start.


Tags: CBN
SendShare10176Tweet6360Share
ADVERTISEMENT
Previous Post

Nwali Awarded PhD In Architecture From UNN

Next Post

Centre Holds 3-days Awakening Programme

Mark Itsibor and Bukola Aro-Lambo

Mark Itsibor and Bukola Aro-Lambo

You May Like

GTCO Declares Pre-tax Profits Of N300.4bn In Q1
Business

GTCO Crosses N500bn Capital Base With Fresh Fund Injection

2025/08/30
JUST-IN: Federal Gov’t Increases Mining Fees, Royalties To Be Paid Operators
Business

Scholarship Beneficiaries Seek Minister’s Intervention Over Mining In Community

2025/08/30
Business

Budget Office Explains Delay In Budget Implementation Reports

2025/08/30
T2, Huawei Ink Multi-Million Dollar Deal For Core Network Overhaul
Business

T2, Huawei Ink Multi-Million Dollar Deal For Core Network Overhaul

2025/08/30
Maltina Rolls Out New PET Bottles
Business

Maltina Rolls Out New PET Bottles

2025/08/30
Abia Think Tank Calls For Govt Accountability, Inclusivity
Business

Abia Govt To Revive Moribund Industries In Aba

2025/08/30
Leadership Conference advertisement

LATEST

Tinubu Congratulates Babalola On Election As Rotary President

NDMG Faults Amnesty Report On Nigeria

IHL Not Hindrance To Operational Effectiveness – CAS

More Youths Needed In Nation Building, Says Adebutu Kesington

GTCO Crosses N500bn Capital Base With Fresh Fund Injection

Scholarship Beneficiaries Seek Minister’s Intervention Over Mining In Community

Budget Office Explains Delay In Budget Implementation Reports

T2, Huawei Ink Multi-Million Dollar Deal For Core Network Overhaul

Maltina Rolls Out New PET Bottles

Abia Govt To Revive Moribund Industries In Aba

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.