CBN Introduces Real-Time Monitoring Platform for BDC Foreign Exchange Transactions

The Central Bank of Nigeria (CBN) has unveiled a new real-time transaction monitoring framework for Bureau De Change (BDC) operators as part of efforts to strengthen transparency, improve regulatory compliance and enhance oversight of the country’s foreign exchange market.

Under the new framework, all licensed BDC operators will be required to report their foreign exchange purchases through a newly introduced digital platform known as the FX BDC Purchase Tracker (FXBT), a centralised portal that will allow the apex bank to monitor transactions in real time or on the same day they occur.

The directive was contained in a circular dated July 15, 2026, and signed by the Director of the CBN’s Trade and Exchange Department, Aderinola Shonekan.

According to the apex bank, the initiative is designed to support the implementation of its February 2026 policy that reintroduced licensed Bureau De Change operators into the Nigerian Foreign Exchange Market (NFEM), allowing them to purchase foreign exchange directly from Authorised Dealer Banks.

The CBN said the new reporting system would promote greater transparency in the retail foreign exchange market, strengthen compliance with regulatory requirements, improve liquidity and ensure orderly participation by licensed operators.

At the centre of the new framework is the FX BDC Purchase Tracker, which will serve as a central database for monitoring all foreign exchange transactions between authorised dealer banks and BDCs.

Under the guidelines, every licensed Bureau De Change operator must register on the platform and upload details of all foreign exchange purchases either in real time or on the same day the transactions are completed.

“The CBN shall maintain a centralised portal, the FX BDC Purchase Tracker (FXBT), to which all BDCs shall be registered and submit real-time or same-day data on BDC purchases, enabling systemic compliance and oversight,” the circular stated.

The central bank explained that the digital platform would provide regulators with greater visibility into transaction flows across the retail foreign exchange market, enabling quicker detection of regulatory breaches, suspicious transactions and non-compliance with prescribed limits.

The latest directive builds on the CBN’s February 10, 2026 policy, which permitted eligible BDCs to purchase up to 150,000 US dollars weekly from authorised dealer banks at prevailing market exchange rates to improve liquidity and satisfy legitimate retail foreign exchange demand.

With the introduction of the monitoring platform, the apex bank is expected to closely track how these allocations are utilised and ensure that foreign exchange is channelled only to approved end users.

The CBN emphasised that only Bureau De Change operators with valid and subsisting operating licences would be eligible to access foreign exchange under the framework.

It warned that operators whose licences have been suspended, restricted or are under regulatory sanctions would be barred from participating until such restrictions are lifted.

“Only BDCs in possession of a valid and subsisting CBN licence shall be entitled to access foreign exchange under this framework. BDCs under regulatory sanction, whose licences are suspended, or whose operating conditions have been restricted by the CBN, are excluded from participation until such restrictions are lifted,” the circular added.

The apex bank also imposed stricter compliance obligations on authorised dealer banks, directing them to conduct comprehensive Know Your Customer (KYC) and Customer Due Diligence checks before onboarding any Bureau De Change operator.

The required documentation includes valid operating licences, Corporate Affairs Commission registration documents, Tax Identification Numbers, beneficial ownership disclosures and enhanced due diligence procedures for higher-risk entities.

Banks were specifically instructed not to sell foreign exchange to any BDC that fails to meet the prescribed regulatory and compliance requirements.

In a move aimed at promoting competition within the market, the CBN stated that licensed Bureau De Change operators would be free to purchase foreign exchange from any authorised dealer bank of their choice.

The regulator prohibited banks from imposing exclusivity agreements, referral fees or any other conditions that would prevent BDCs from maintaining relationships with multiple banks.

Under the revised framework, BDCs seeking foreign exchange must submit electronic purchase requests through banks’ designated digital portals.

Authorised dealer banks are required to acknowledge such requests within two business hours and communicate approvals or rejections immediately after processing.

The CBN noted that requests may only be rejected on specific grounds, including incomplete documentation, breaches of weekly purchase limits, unresolved compliance issues or internal risk management concerns.

The framework also introduces tighter controls over the utilisation of foreign exchange purchased through the market.

According to the guidelines, all transactions between banks and Bureau De Change operators, as well as transactions between BDCs and end users, must be conducted exclusively through accounts maintained with licensed financial institutions.

Furthermore, any foreign exchange purchased but not utilised within the approved period must be resold into the market within 24 hours after the utilisation window expires.

The apex bank warned that failure to comply with the directive could result in the forfeiture of unutilised foreign exchange and suspension from future participation in the foreign exchange market.

The CBN also directed BDC operators to disclose any unused balances from previous allocations when submitting fresh purchase requests, while authorised dealer banks are required to take such balances into account before approving subsequent weekly allocations.

The latest measures underscore the central bank’s continuing efforts to deepen transparency, improve accountability and strengthen confidence in Nigeria’s foreign exchange market through enhanced digital oversight and stricter regulatory compliance.