CBN Launches Portal to Track All BDC FX Transactions

The Central Bank of Nigeria (CBN) has launched a digital platform to monitor every foreign exchange purchase made by Bureau De Change (BDC) operators.

The platform, called the FX BDC Purchase Tracker (FXBT), records transactions from the moment a BDC requests foreign exchange from an authorised dealer bank until it sells the funds.

Under the new framework, which the CBN issued on July 15, the regulator said the platform will improve compliance, strengthen transparency and enhance oversight of the retail foreign exchange market.

The FXBT builds on the CBN’s February 2026 policy that allows licensed BDCs to buy foreign exchange directly from authorised dealer banks through the Nigerian Foreign Exchange Market (NFEM).

As a result, the CBN can monitor every request, approval and settlement in real time. It can also identify operators that exceed the weekly purchase limit of $150,000, obtain allocations from multiple banks or divert foreign exchange outside approved channels.

Meanwhile, the framework places new compliance responsibilities on authorised dealer banks. Banks must complete Know Your Customer (KYC) and customer due diligence checks before selling foreign exchange to any BDC.

In addition, they must verify beneficial ownership, review incorporation documents and carry out enhanced checks on higher-risk operators. Banks cannot sell foreign exchange to BDCs that fail these requirements.

At the same time, the CBN barred banks from forcing BDCs into exclusive relationships. Operators can buy foreign exchange from any authorised dealer bank.

A BDC must submit its purchase request electronically through the FXBT portal. After receiving the request, banks must acknowledge it within two business hours. They must then notify the BDC immediately after approving or rejecting the application.

The regulator also tightened rules on the use of foreign exchange purchased through the NFEM. BDCs cannot hold unused foreign exchange after the utilisation period ends. Instead, they must sell any unused balance back into the market within 24 hours.

Additionally, the CBN requires operators to disclose unused balances before submitting fresh purchase requests. The rule aims to discourage speculation and keep official foreign exchange circulating in the market.

Going forward, banks, BDCs and customers must settle all foreign exchange transactions through accounts held with licensed financial institutions. The framework also bans third-party transactions. BDCs can only receive purchased foreign exchange in their registered settlement accounts.

Furthermore, only BDCs with valid licences can access the official market. Operators under suspension or regulatory sanctions remain ineligible until the CBN lifts those restrictions.

Licensed BDCs must continue filing weekly electronic returns. These reports must include foreign exchange purchases, sales to end-users, unused balances and settlement records.

Finally, the CBN warned that violations could attract penalties under the Banks and Other Financial Institutions Act (BOFIA) 2020 and the Foreign Exchange Act. Sanctions include fines, suspension from the foreign exchange market, licence revocation and referrals to law enforcement agencies where necessary.