CBN launches FX BDC Purchase Tracker

The Nigeria — 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 called the FX BDC Purchase Tracker (FXBT). The directive, contained in a circular dated July 15, 2026, signed by Aderinola Shonekan, Director of the CBN's Trade and Exchange Department, requires all licensed BDCs to report their foreign exchange purchases through the FXBT portal in real time or on a same-day basis. The framework builds on the CBN's February 2026 policy that permits licensed BDCs to purchase foreign exchange directly from Authorised Dealer Banks through the Nigerian Foreign Exchange Market (NFEM), with each eligible BDC allowed to purchase up to $150,000 weekly. The new system aims to improve transparency, strengthen regulatory compliance, boost liquidity in the retail foreign exchange market, and ensure orderly participation. Banks are required to conduct comprehensive Know Your Customer (KYC) and Customer Due Diligence checks before onboarding BDCs, and are prohibited from imposing exclusivity agreements or referral fees. BDCs must return unused foreign exchange balances to the market within 24 hours, and violations may attract penalties under the Banks and Other Financial Institutions Act (BOFIA) 2020 and the Foreign Exchange Act, including fines, suspension, or licence revocation.