The Central Bank of Nigeria (CBN) has introduced a new real-time transaction monitoring framework for Bureau De Change (BDC) operators, unveiling a centralised digital platform designed to strengthen transparency, improve compliance and enhance regulatory 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 the FX BDC Purchase Tracker (FXBT), a centralised portal that will enable the apex bank to monitor transactions in real time or on a same-day basis.
The directive was contained in a circular dated July 15, 2026, signed by Aderinola Shonekan, Director of the CBN’s Trade and Exchange Department.
According to the apex bank, the new reporting requirements are intended to support the implementation of its February 2026 policy that permits licensed Bureau De Change operators to purchase foreign exchange directly from Authorised Dealer Banks through the Nigerian Foreign Exchange Market (NFEM).
The CBN said the framework is aimed at improving transparency, strengthening regulatory compliance, boosting liquidity in the retail foreign exchange market and ensuring orderly participation by market operators.
A key feature of the new framework is the introduction of the FX BDC Purchase Tracker (FXBT), which will serve as the central database for monitoring all foreign exchange transactions between BDCs and authorised dealer banks.
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Under the guidelines, every licensed BDC must register on the platform and submit details of all FX purchases either in real time or on the same day the transactions occur.
“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 apex bank said the platform will provide regulators with greater visibility into transaction flows across the retail foreign exchange market, enabling quicker detection of breaches, suspicious transactions and non-compliance with regulatory limits.
The latest directive builds on the CBN’s February 10, 2026 policy that reintroduced licensed Bureau De Change operators into the Nigerian Foreign Exchange Market.
Under that policy, each eligible BDC is permitted to purchase up to $150,000 weekly from authorised dealer banks at prevailing market exchange rates to improve liquidity and meet legitimate retail foreign exchange demand.
The new monitoring framework is expected to enable the CBN to track how those allocations are utilised and ensure that foreign exchange is directed to approved end users.
The apex bank stated that only BDCs with valid and subsisting operating licences will be eligible to access foreign exchange under the framework.
Operators whose licences have been suspended, restricted or are under regulatory sanctions will be excluded 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 stated.
The CBN also directed authorised dealer banks to conduct comprehensive Know Your Customer (KYC) and Customer Due Diligence checks before onboarding any Bureau De Change operator.
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 instructed not to sell foreign exchange to any BDC that fails to meet the prescribed compliance requirements.
Under the revised framework, BDCs may purchase foreign exchange from any authorised dealer bank of their choice.
To encourage competition, the CBN prohibited banks from imposing exclusivity agreements, referral fees or any conditions that restrict BDCs from dealing with multiple banks.
BDCs seeking foreign exchange must submit electronic purchase requests through banks’ designated portals.
Banks are required to acknowledge such requests within two business hours and communicate approvals or rejections immediately after processing.
The apex bank said requests may only be rejected on specified grounds, including incomplete documentation, breaches of weekly purchase limits, unresolved compliance concerns or internal risk management considerations.
The CBN also introduced tighter controls over the utilisation of foreign exchange purchased through the market.
According to the guidelines, all transactions between banks and BDCs, as well as transactions between BDCs and end users, must be conducted exclusively through accounts held with licensed financial institutions.
The apex bank further directed that 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.
Failure to comply could attract forfeiture of the unutilised funds and suspension from future participation in the foreign exchange market.
BDC operators are also required to disclose any unused balances from previous allocations when submitting new purchase requests, while banks must factor such balances into subsequent weekly allocations.