In a decisive move to stabilize the foreign exchange market and curb speculative activities, the Central Bank of Nigeria (CBN) has announced the extension of its $25,000 weekly forex sales to Bureau De Change (BDC) operators until May 30, 2025.
The announcement, made via the official X handle of Nigerian Stories, underscores the apex bank’s continued efforts to address volatility in the forex market and ensure liquidity for small-scale currency transactions.
This extension comes as part of the CBN’s broader strategy to strengthen the naira, which has faced sustained pressure due to fluctuating demand and supply dynamics. Market analysts believe that maintaining the weekly dollar supply to BDCs will help curb inflationary trends and speculative trading, which have contributed to the naira’s depreciation in recent months.
Earlier this year, the CBN had reinstated direct forex sales to BDCs after a prolonged suspension, citing the need to provide regulated access to foreign exchange for businesses and individuals. The policy shift was met with optimism, as it provided relief to sectors heavily reliant on forex for imports, travel, and international transactions.
While extending the policy until May 30, the CBN reaffirmed its commitment to monetary stability, warning BDC operators against hoarding or engaging in illicit forex practices. The regulatory body emphasized that any violations would attract severe sanctions.
With this extension, financial experts anticipate a more predictable forex market, reducing volatility and fostering confidence among investors and businesses operating in Nigeria’s import-dependent economy.
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