The Central Bank of Nigeria (CBN) has imposed a limit of $5,000 on the amount of foreign exchange that Bureau de Change (BDC) operators can sell in a single transaction.
The directive, part of the apex bank’s “Monetary, Credit, Foreign Trade, and Exchange Policy Guidelines for Fiscal Years 2024/2025,” is aimed at regulating cash sales in Nigeria’s foreign exchange market to ensure stability and reduce the misuse of foreign currency.
Bureau de Change operators, who typically make profits by buying and reselling foreign currency at a higher exchange rate, are now required to adhere strictly to this cap of $5,000 per approved transaction.
According to the report, this policy is part of a broader effort by the CBN to manage the country’s foreign exchange reserves and control currency flow amidst economic pressures.
The CBN’s regulation also aligns with its ongoing measures to ensure transparency, combat illegal forex activities, and create a more predictable foreign exchange market. This step is expected to help the government mitigate foreign currency speculation and enhance economic stability, especially during times of high demand for dollars.
