The Central Bank of Nigeria has introduced a comprehensive real-time monitoring framework for Bureau De Change operators, unveiling a centralised transaction-tracking platform aimed at strengthening oversight, improving transparency, and enhancing compliance across Nigeria’s foreign exchange market.
A circular signed by the Director of the CBN’s Trade and Exchange Department, Aderinola Shonekan, further reinforced this stance, stating, “The CBN shall maintain a centralised portal, the FX BDC Purchase Tracker, to which all BDCs shall be registered and submit real-time or same-day data on BDC purchases, enabling systemic compliance and oversight.”
The new framework is designed to support the implementation of the February 2026 policy that reintroduced licensed BDCs into the Nigerian Foreign Exchange Market, allowing them to purchase foreign exchange directly from Authorised Dealer Banks.
Under the new directive, all licensed operators must now process their foreign exchange purchases through a newly established FX BDC Purchase Tracker, a centralised electronic portal enabling the apex bank to monitor transactions on the exact day they occur. The central bank warned that any default or delay in uploading purchase data would attract severe regulatory sanctions, signifying a major shift towards automated, transaction-level surveillance of the retail foreign currency market.
“The CBN clamps down on BDCs with a real-time transaction tracker to ensure complete visibility and systemic compliance within the retail market segment,” stated a high-ranking official at the apex bank.
