The Central Bank of Nigeria (CBN) has granted BDCs temporary access to Nigerian Foreign Exchange Market (NFEM) from December 19, 2024, to January 30, 2025, with a weekly cap of $25,000.
![]() |
Central Bank of Nigeria (CBN) |
According to CBN: “The Central Bank of Nigeria (CBN) grants BDCs temporary access to the NFEM from December 19, 2024, to January 30, 2025, with a weekly cap of $25,000. Transactions require upfront funding at prevailing rates and must follow a maximum of 1% spread.
“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.”