• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Sunday, August 3, 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
7 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

Business Summit Partners UWEAL To Empower African Entrepreneurs

Business Summit Partners UWEAL To Empower African Entrepreneurs

14 hours ago
New Dangote Refinery CEO Reveals Plan To Expand Plant’s Operations

New Dangote Refinery CEO Reveals Plan To Expand Plant’s Operations

18 hours ago

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.

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.”


We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →

Join Our WhatsApp Channel




Tags: CBN
SendShareTweetShare
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

Business Summit Partners UWEAL To Empower African Entrepreneurs
Business

Business Summit Partners UWEAL To Empower African Entrepreneurs

2025/08/02
New Dangote Refinery CEO Reveals Plan To Expand Plant’s Operations
Business

New Dangote Refinery CEO Reveals Plan To Expand Plant’s Operations

2025/08/02
FUEL CRISIS…Hold Marketers Responsible For Long Queues – Dangote
Business

Dangote Refinery Appoints David Bird As CEO

2025/08/02
Nestlé Equips Over 3.7m Children In 2023
Business

Nestle Nigeria Deepens Grassroots Impact With Women Empowerment Initiative

2025/08/02
Wema Bank Rewards 131 Customers With N11m In ‘5 For 5’ Promo Monthly Draw
Business

Wema Bank Grows Profit by 231% in H1 2025

2025/08/02
United Capital Appoints Uche Ike As New Chairman
Business

United Capital Appoints Uche Ike As New Chairman

2025/08/02
Leadership Conference advertisement

LATEST

Edo LG Polls: I’m Aspiring To Advance Good Governance In Ovia South-West — Omoruyi

LASU Suspends Exam, Academic Activities

ADC Condemns Shutdown Of Radio Station In Niger

Abure-led Labour Party Faults INEC Over Party’s Omission In By-election

Gov Sani Distributes 400 Trucks Of Fertilizer To 100,000 Kaduna Farmers

Police Clash With Community Over Land Dispute In Abuja

Zulum Allays Borno Residents’ Fears Over Alau Dam

Police Summon Sowore For Alleged Forgery, Inciting Disturbance

Tinubu Celebrates Ex-VP Sambo At 71

NSE President Urges Stronger Nigeria–Japan Synergy For Infrastructure Dev’t

© 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.