CBN Releases Rules To Purchase Dollar At Banks, BDCs as Naira Adjusts Exchange Rate
- The Naira has again dipped against the US dollar at the official market and also at the parallel window as FX liquidity remained tight
- The CBN introduces new PTA/BTA rule: travellers can receive 25% in cash while 75% must be loaded onto a prepaid card
- FX inflows fell to $2bn in November, the lowest in 16 months, deepening pressure on the naira despite interventions
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Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Nigerian currency eased slightly after trading on Tuesday, December 9 despite extending its losing streak to seven consecutive days.
Data from the Nigerian Foreign Exchange Market (NFEM) showed that the naira weakened marginally by 0.4% after closing at N1,454.38 per dollar on Tuesday, compared with N1,448.43 on December 1, 2025.
Source: Getty Images
On a day-on-day basis, the currency slipped by 0.2% or N2.52 from N1,451.86 recorded on Monday.
The pressure also filtered into the parallel market, where the naira fell by N3 to N1,483/$1, from N1,480/$1 the previous day.
Traders said the market had remained under mild but persistent demand pressures, driven by festive-season import needs and year-end front-loading of FX obligations by businesses.
FX inflows drop
Despite increased intervention by the CBN, Nigeria recorded only $2 billion in FX inflows in November, its lowest in 16 months.
FMDQ data indicated a 67% month-on-month drop in total inflows, down from $6.1 billion in October, underscoring the depth of the liquidity challenge.
Analysts at FBNQuest described November inflows as the weakest since July 2024, noting that tight liquidity and sustained demand pressure contributed to a 1.3% depreciation of the naira to N1,446.90/$1 during the month.
CBN clarifies FX access rules
The Central Bank of Nigeria (CBN) has released new guidelines on foreign currency access for travellers under the Business Travel Allowance (BTA) and Personal Travel Allowance (PTA) windows.
In a fresh notice titled “Frequently Asked Questions (FAQs) on the Current Reform of the Bureau De Change Sub-Sector”, the CBN clarified how outbound travellers can access forex for PTA/BTA.
Under the new framework, beneficiaries may now receive up to 25% of their approved allowance in cash, while the remaining 75% must be issued via a prepaid card, subject to full documentation and travel verification.
Source: Getty Images
The apex bank also addressed access to forex for education and medical payments. Nigerians seeking medical treatment abroad can receive up to $5,000 from a Bureau De Change, with larger requests to be processed through commercial or non-interest banks.
For foreign school fees, customers may obtain up to $10,000 annually from a BDC, provided required documents are presented.
MPC member predicts new exchange rate by Dec
Earlier, Legit.ng reported that CBN committee member Murtala Sabo Sagagi, in his remarks following the 301st Monetary Policy Committee meeting, expressed optimism that the naira could gain more strength.
In a move to support the currency, the apex bank recently pumped significant dollar liquidity into the foreign exchange market.
Meanwhile, figures from the FMDQ Exchange revealed a month-on-month drop in total FX inflows for August, reflecting a decline compared to the previous month.
Source: Legit.ng
