Economy
CBN extends timeframe for BDCs to buy $25,000 weekly from banks
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The Central Bank of Nigeria (CBN) has extended the timeframe for eligible bureau de change (BDC) operators to access the Nigerian Autonomous Foreign Exchange Market (NAFEM) for foreign exchange (FX).
On December 20 2024 CBN granted BDC operators temporary access to NAFEM to purchase $25,000 weekly from December 19, 2024, to January 30, 2025.
CBN said BDCs will purchase FX from authorised dealers, which are banks licenced by the apex bank to deal in foreign exchange, to meet retail market demand.
However, in a circular on Monday by W.J. Kanya, acting director, trade and exchange department, CBN said the deadline has been extended to May 30.
“We refer to our circular TED/FEM/PUB/FPC/001/030 dated December 18, 2024, which granted temporary access to existing BDCs to the NFEM for the purchase of FX from Authorised Dealers, subject to a weekly cap of USD25,000.00,” the statement reads.
“The expiry date of January 31 2025 which was granted in the above mentioned circular has been extended to May 30, 2025.
“All other terms and conditions in the above mentioned circular remain unchanged.
“The CBN remains committed to fully functional foreign exchange market and will continue to provide liquidity when necessary to manage price volatility.”
Other sources of FX for BDC operators, according to a statement by the CBN on February 24, 2024, are tourists, returnees from the diaspora, and expatriates with foreign exchange inflows from work, travel, investment or their domiciliary accounts.
Also mentioned are residents with foreign exchange inflows from work, travel, investment or their domiciliary accounts, International Money Transfer Operators (IMTOs), embassies and hotels that are authorised buyers of FX.
The United Kingdom has introduced new restrictions on a chemical commonly used in some gel nail polishes amid concerns over its potential impact on fertility and reproductive health.
The restriction targets trimethylbenzoyl diphenylphosphine oxide, commonly known as TPO, a photoinitiator that enables gel polish to harden when exposed to UV light and helps improve its durability and colour retention.
Under the new rules, which took effect on Saturday across England, Wales and Scotland, manufacturers are no longer permitted to place new TPO-containing cosmetic products on the UK market.
However, beauty salons have been given until February 14, 2027, to stop using existing products containing the chemical, meaning customers could still encounter TPO-based gel polishes during the transition period.
The move follows concerns arising from animal studies that have linked TPO exposure to possible reproductive and fertility problems. The European Union introduced a similar prohibition in September 2025.
The restrictions have nevertheless attracted debate within the cosmetics industry. The Cosmetic, Toiletry and Perfumery Association has maintained that the concentration of TPO used in nail products is significantly lower than levels associated with harmful effects.
The UK decision is therefore expected to intensify discussions within the beauty industry over whether precautionary restrictions should take priority where potential reproductive risks remain under investigation.
Investors in the Nigerian stock market recorded a cumulative loss of N5.45 trillion as the equities market extended its bearish run to an eighth consecutive session at the close of trading session on Thursday night, August 20..
Equities listed on the Nigerian Exchange Limited, NGX, have continued to experience significant declines since Tuesday, August 11, 2026 but last week, investors on the NGX lost N3.8 trillion in four consecutive bearish sessions.
From Monday to Thursday this week, stocks on the NGX have lost a total of N1.65 trillion meaning that the combined losses recorded over the last eight trading sessions amounted to N5.45 trillion, wiping out previous gains in the market.
The market extended its bearish run on Thursday as investors lost N440 billion, driven by continued profit-taking in large- and mid-cap stocks.
Market capitalisation declined by 0.30 per cent, or N440 billion, from N155.417 trillion at the opening of trading to N154.977 trillion at the close.
The Naira yesterday depreciated to N1,405 per dollar in the parallel market from N1,400 per dollar on Wednesday.
But the naira appreciated to N1,347.5 per dollar in the Nigerian Foreign Exchange Market, NFEM.
Data from the Central Bank of Nigeria, CBN, showed that the indicative exchange rate for the naira fell to N1,347.5 per dollar from N1,351 per dollar on Wednesday, indicating N3.5 appreciation for the naira.
Consequently, the margin between the parallel and official markets widened to N57.5 per dollar from N49 per dollar on Wednesday.
The interbank turnover at NFEM rose by 0.22 percent to N371.8 million yesterday from N370.98 million the previous day.
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