The extension demonstrates the bank's commitment to maintaining a fully functioning foreign exchange market, ensuring liquidity, and meeting retail demand for eligible invisible transactions. In the circular, referenced TED/FEM/PUB/FPC/001/003 and signed by Dr. WJ Kanya, acting director of the Department of Commerce and Exchanges, published on Monday by the Central Bank's Department of Trade and Foreign Exchange, it is stated “the expiration date of January 31, 2025, and signed by Dr. WJ Kanya, who was granted in the above-mentioned circular, has been extended to May 30, 2025. All other terms and conditions in the above circular remain unchanged

CBN remains committed to a fully functioning foreign exchange market and will continue to provide liquidity when needed to manage price volatility.” Nigeria's foreign exchange reserves fell significantly in January 2025, falling by $1.11 billion during the month.