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Yuletide: CBN Grants BDCs Access to $25,000 Weekly Forex Cap for Holiday Season

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Reps Order CBN To Halt New ATM Charges

The Central Bank of Nigeria (CBN) has granted Bureau de Change (BDC) operators temporary permission to purchase up to $25,000 weekly in foreign exchange from the Nigerian Foreign Exchange Market (NFEM), which was recently launched. EKO HOT BLOG reports that in a circular dated December 19, 2024, and signed by T.G. Allu, on behalf of … Read more

IMF Endorses Nigeria’s FX Reforms, Backs Unified Exchange Rate System

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IMF

The IMF supports Nigeria’s central bank’s policy to unify exchange rates, allowing market forces to determine the rate. The new policy ensures that certain requests will still be processed through the Investors and Exporters (I&E) window. All forms of exchange rate segmentation are abolished, and the “Willing Buyer, Willing Seller” model will be reintroduced at … Read more

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