Abuja, Nigeria — The naira continued its upward trend in the parallel market as the Central Bank of Nigeria (CBN) extended foreign exchange sales to Bureau de Change (BDC) operators.
From closing at N1,620 per dollar last week, the naira appreciated to N1,610/$ on Monday. The CBN had earlier set January 31, 2025, as the deadline for FX sales to BDCs but has now extended it by four months.
A circular signed by Dr. W.J. Kanya, Acting Director of Trade and Exchange, confirmed that eligible BDCs will continue receiving $25,000 weekly until May 30, 2025.
The circular reiterated that all other conditions remain unchanged and reaffirmed the CBN’s commitment to maintaining a stable and functional foreign exchange market.
By Enoch Odesola |February 4, 2025.
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