By Benson Daniel
The Central Bank of Nigeria (CBN) has directed Bureau De Change (BDC) operators to sell all unutilised foreign exchange purchased through official channels to the Nigerian Foreign Exchange Market (NFEM) within 24 hours, in a move aimed at improving market liquidity and curbing speculative trading.
Under the new directive, BDCs are required to dispose of any foreign currency not sold to eligible customers within the stipulated period through the NFEM. The apex bank said the measure is designed to prevent the hoarding of foreign exchange, enhance transparency and ensure that available liquidity circulates efficiently within the official market.
The policy forms part of the CBN’s broader foreign exchange reforms intended to strengthen price discovery, improve market efficiency and stabilise the naira. By compelling BDCs to return excess foreign exchange promptly, the bank hopes to reduce opportunities for arbitrage and narrow the gap between official and parallel market exchange rates.
Financial analysts say the directive is expected to deepen liquidity in the foreign exchange market while reinforcing confidence in the ongoing reforms. They noted that timely recycling of unused foreign exchange could ease pressure on the naira and support businesses and individuals seeking legitimate access to foreign currency.
However, industry stakeholders have urged the CBN to complement the directive with improved foreign exchange supply and sustained policy consistency to ensure lasting stability in the market.
The latest measure underscores the apex bank’s commitment to building a transparent, efficient and market driven foreign exchange system capable of supporting investment, trade and broader economic growth while safeguarding the stability of Nigeria’s financial sector.
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