The naira continued to appreciate in the parallel market as the Central Bank of Nigeria (CBN) extended its weekly foreign exchange sales to Bureau de Change (BDC) operators.
After closing at N1,620 per dollar last week, the naira strengthened to N1,610 on Monday. A CBN circular, cited by Leadership, confirmed that the bank would maintain its $25,000 weekly allocation to eligible BDCs.
Initially, the deadline for these forex sales was set for January 31, 2025. However, in a circular signed by Acting Director of Trade and Exchange, Dr. W.J. Kanya, the CBN announced a four-month extension, moving the deadline to May 30, 2025.
The circular referenced an earlier directive from December 19, 2024, which had granted temporary access to BDCs for purchasing foreign exchange from authorized dealers under a weekly cap of $25,000.
“All other terms and conditions in the previous circular remain unchanged,” the CBN stated, reaffirming its commitment to ensuring a well-functioning foreign exchange market and managing price volatility by providing liquidity when necessary.