The Central Bank of Nigeria (CBN) has introduced a digital platform to monitor foreign exchange transactions involving Bureau De Change (BDC) operators, alongside new operational guidelines aimed at strengthening transparency and compliance in the retail foreign exchange market. The framework takes immediate effect.
The apex bank unveiled the FX BDC Purchase Tracker (FXBT), an electronic portal designed to monitor the purchase of foreign exchange by licensed BDCs from authorised dealer banks under the Nigerian Foreign Exchange Market (NFEM). The platform will provide real-time visibility into transactions and improve regulatory oversight.
According to a circular dated July 15 and signed by the Director of the Trade and Exchange Department, Aderinola Shonekan, the guidelines implement the CBN’s February 10, 2026 policy that restored licensed BDCs’ access to the official foreign exchange market.
Under the new framework, authorised dealer banks are required to conduct comprehensive Know-Your-Customer (KYC) checks and enhanced due diligence before selling foreign exchange to BDCs. Banks must also acknowledge purchase requests within two business hours and communicate approvals or rejections through the FXBT portal.
The guidelines further stipulate that any foreign exchange purchased by BDCs but not utilised within the approved timeframe must be returned to the market within 24 hours after the utilisation period expires. The measure is intended to curb speculation, prevent hoarding and ensure efficient circulation of foreign exchange in the official market.
The CBN said the digital tracker forms part of its broader foreign exchange reform agenda to enhance transparency, improve compliance and strengthen confidence in Nigeria’s retail FX market through real-time monitoring of BDC transactions.
