The Central Bank of Nigeria (CBN) has introduced a real-time monitoring framework for Bureau De Change operators, unveiling a centralised transaction-tracking platform aimed at tightening oversight, improving transparency and strengthening compliance in Nigeria’s foreign exchange market.
The new framework requires all licensed BDC operators to report their foreign exchange purchases through a newly established 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 signed by the Director of the CBN’s Trade and Exchange Department, Aderinola Shonekan.
According to the CBN, the framework is designed to support 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 apex bank said the measures are intended to improve transparency, strengthen regulatory oversight, increase liquidity in the retail foreign exchange market, enhance compliance with foreign exchange regulations and ensure orderly participation by market operators.
“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 CBN said the platform would give regulators greater visibility into transactions across the retail forex market, enabling them to detect regulatory breaches, identify suspicious transactions and monitor compliance more effectively.
The framework builds on the apex bank’s February 10, 2026, directive allowing eligible BDC operators to purchase up to $150,000 weekly from authorised dealer banks at prevailing market rates.
With the introduction of the FXBT platform, the CBN said regulators would now be able to track how those allocations are utilised in near real time.
The bank also clarified that only BDCs with valid and subsisting operating licences would be eligible to access foreign exchange under the framework, while operators with suspended, restricted or sanctioned licences would remain barred.
To strengthen compliance, the CBN directed authorised dealer banks to carry out comprehensive Know Your Customer (KYC) and customer due diligence checks before onboarding any BDC.
Banks are required to verify valid operating licences, Tax Identification Numbers (TIN), Corporate Affairs Commission (CAC) registration documents, beneficial ownership information and conduct enhanced due diligence on higher-risk entities.
The apex bank warned that no foreign exchange should be sold to any bureau de change that fails to meet the prescribed compliance requirements.
The CBN also prohibited banks from entering into exclusive arrangements with bureau de change operators, saying such agreements could undermine competition.
Under the new rules, bureau de change are free to source foreign exchange from any authorised dealer bank, while banks are barred from imposing exclusivity agreements, referral fees or any condition restricting operators from dealing with other banks.
Bureau de change operators seeking foreign exchange must submit electronic purchase requests through banks’ designated portals, while banks are expected to acknowledge requests within two business hours and communicate approvals or rejections immediately after processing.
The CBN said requests may only be rejected on clearly defined grounds, including incomplete KYC documentation, breaches of weekly purchase limits, unresolved compliance concerns or internal risk management considerations.
The apex bank also tightened rules governing the utilisation of foreign exchange purchased through the Nigerian Foreign Exchange Market.
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It directed that all transactions between banks and bureau de change, as well as transactions between bureau de change and end-users, must be conducted exclusively through accounts maintained with licensed financial institutions, while third-party transactions remain prohibited.
The CBN further ordered that any unutilised foreign exchange purchased through the market must be sold back into the market within 24 hours after the expiration of the permitted utilisation period.
Bureau de change operators are also required to disclose any unused balances from previous allocations when submitting fresh purchase requests, while banks must factor such balances into weekly allocation calculations.
The apex bank warned that failure to comply could lead to forfeiture of funds, suspension of access to the Nigerian Foreign Exchange Market, monetary fines, suspension or revocation of bureau de change licences, withdrawal of authorised dealer status for banks found complicit in violations and possible referral to law enforcement agencies where criminal conduct is suspected.
It added that licensed bureau de change would continue to file weekly electronic returns detailing foreign exchange purchases, sales to end-users, unutilised balances and reconciliation records.
According to the CBN, its trade and exchange department will coordinate compliance through on-site and off-site examinations, including unannounced inspections, as part of broader efforts to strengthen transparency, regulatory compliance and stability in Nigeria’s foreign exchange market.
