CBN's Opening of Official FX Market to BDCs Strengthens Naira to 14-Month High at N1,348/$
The Central Bank of Nigeria (CBN) has allowed Bureau de Change (BDC) operators to access the official foreign exchange market, resulting in the Naira strengthening to N1,348 against the US Dollar, a 14-month high. Dr. Jumok Oduwol of the Ministry of Industry, Trade, and Investment revealed a rise in Nigeria's total capital imports to $21 billion in the first 10 months of 2025.
The CBN's new directive allows BDCs to purchase up to $150,000 weekly at prevailing market rates, aiming to enhance market efficiency and ensure broader access to foreign exchange. Dr. Musa Nakorji, the Director of Trade and Exchange at the CBN, emphasized the need for strict compliance with risk management conditions to prevent illegal transactions and money laundering.
The move is part of the CBN's efforts to balance market access with strong regulatory oversight and maintain a liquid foreign exchange market.
Plus234Feed summary based on reporting from This Day. Read the original report below.
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