The Central Bank of Nigeria (CBN) has introduced a digital tracking system that will monitor every retail foreign exchange transaction carried out by Bureau De Change (BDC) operators, in order to improve transparency and oversight in the foreign exchange market of the country.
The CBN, in an operational guideline issued on July 15 to authorised dealer banks and licensed BDC operators, announced the rollout of the FX BDC Purchase Tracker (FXBT), a centralised electronic portal that records every stage of a BDC’s foreign exchange purchase, from the initial request through bank approval to the eventual sale of the currency.
Under the new framework, BDC operators must submit real-time or same-day data on all foreign exchange purchases through the portal. The system gives the apex bank transaction-level visibility into retail dollar sales, enabling it to monitor compliance, detect irregularities and prevent market abuse.
The new platform builds on the CBN’s February 2026 policy that restored licensed BDCs’ access to foreign exchange from authorised dealer banks through the Nigerian Foreign Exchange Market (NFEM). While that policy aimed to improve liquidity in the retail market, the FXBT introduces digital infrastructure to monitor how the foreign exchange is allocated and sold.
According to the CBN, the tracker will help identify operators attempting to exceed the weekly purchase limit of $150,000, obtain allocations from multiple banks, or divert foreign exchange outside approved channels.
Authorised dealer banks will serve as the first line of regulatory enforcement. Before selling foreign exchange to any BDC, banks must conduct comprehensive Know-Your-Customer (KYC) checks, verify beneficial ownership, retain incorporation documents, and apply enhanced due diligence where necessary. Banks are prohibited from selling foreign exchange to operators that fail to meet these requirements.
The guidelines also prevent banks from requiring BDCs to maintain exclusive business relationships, allowing operators to purchase foreign exchange from any authorised dealer bank.
BDCs must submit purchase requests electronically through the FXBT portal, while banks are required to acknowledge requests within two business hours and communicate approvals or rejections through the same platform.
The CBN directed that any foreign exchange purchased through the NFEM but left unsold after the approved utilisation period must be sold back into the market within 24 hours. Operators who fail to comply risk forfeiting the unused funds and losing access to the official foreign exchange market. BDCs must also disclose any previously unused balances before making fresh purchase requests.
The framework requires all foreign exchange transactions between banks, BDCs and customers to be settled only through registered accounts with licensed financial institutions. Third-party transfers are prohibited, meaning foreign exchange purchased by a BDC can only be credited to its designated settlement account.
The CBN said all authorised dealer banks and licensed Bureau De Change operators are expected to comply with the new guidelines immediately to strengthen transparency, improve market oversight and curb abuses in Nigeria’s retail foreign exchange market.
