Central Bank of Nigeria (CBN) has introduced a digital platform to monitor foreign exchange (FX) transactions involving Bureau de Change (BDC) operators while issuing new operational guidelines governing their purchase of dollars from authorised dealer banks.
Gatekeepers News reports that the new framework took immediate effect following a circular dated July 15 and signed by Aderinola Shonekan, Director of the CBN’s Trade and Exchange Department.
The apex bank unveiled the FX BDC Purchase Tracker (FXBT), an electronic portal that requires all eligible BDCs to report their FX purchases either in real time or on the same day transactions are completed.
CBN said the platform is designed to improve transparency, strengthen regulatory oversight and ensure compliance with its February 2026 policy that restored licensed BDCs’ access to foreign exchange from authorised dealer banks.
Under the guidelines, only BDCs with valid and active CBN licences will be allowed to buy foreign exchange through the arrangement. Operators facing licence suspension, regulatory sanctions or other operational restrictions will remain ineligible until such sanctions are lifted.
The central bank also directed authorised dealer banks to carry out Know Your Customer (KYC) and Customer Due Diligence (CDD) checks, retain relevant corporate records, conduct enhanced scrutiny for high-risk BDCs and update customer information regularly.
CBN said the measures are aimed at promoting accountability in Nigeria’s foreign exchange market, improving transaction monitoring and curbing abuses in retail FX dealings through a more transparent and technology-driven system.
