The Central Bank of Nigeria (CBN) has launched a digital platform to track foreign exchange purchases by Bureau de Change (BDC) operators, strengthening oversight of the retail forex market and improving transparency.
The framework, announced in a 15 July circular signed by Aderinola Shonekan, director of the CBN’s Trade and Exchange Department, requires all licensed BDCs to report foreign exchange purchases.
Known as the FX BDC Purchase Tracker, the platform requires BDCs to submit real-time or same-day data on dollar purchases, enabling the CBN to improve compliance monitoring and regulatory oversight.
According to the CBN, the framework builds on its February 2026 policy allowing licensed BDCs to buy up to $150,000 a week from authorised dealer banks. The new system adds transaction-level monitoring to strengthen oversight and identify potential compliance breaches.
Under the framework, banks will act as the first line of regulatory enforcement. The CBN requires banks to conduct know-your-customer and due diligence checks, verify ownership information and reject non-compliant BDCs.
Banks are also prohibited from forcing BDCs into exclusive relationships or charging referral fees that restrict competition.
The guidance prevents BDCs from holding unused foreign exchange purchased through the official market. Any unsold balance must be returned to the Nigerian Foreign Exchange Market within 24 hours after the permitted utilisation period, while all transactions must be processed through licensed financial institutions.
The CBN said the reporting regime would strengthen compliance, improve liquidity, detect suspicious transactions more quickly and reinforce confidence in Nigeria’s foreign exchange market. Violations will attract sanctions under existing banking and foreign exchange laws.
The framework represents a significant step in the CBN’s efforts to formalise the retail forex market. Following the licensing of 82 BDCs in December 2025, the regulator is moving towards transaction-level monitoring aimed at reducing regulatory gaps and illicit trading.
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