The Central Bank of Nigeria (CBN) has launched the FX BDC Purchase Tracker (FXBT), a centralized electronic platform designed to provide real-time oversight of Bureau De Change (BDC) foreign exchange transactions. Under the new framework, all BDC purchases of foreign exchange from authorized dealer banks must be processed through this platform, enabling the regulator to monitor compliance, enforce weekly purchase limits, and prevent market abuses such as speculative hoarding.

Key provisions of the new guidelines include mandatory Know-Your-Customer (KYC) and due diligence checks by banks before processing any FX requests, and a strict requirement for BDCs to resell any unutilized foreign exchange back to the Nigerian Foreign Exchange Market (NFEM) within 24 hours of the utilization period expiring. The regulator has also prohibited third-party transactions and exclusivity arrangements between banks and BDCs, warning that breaches will attract severe sanctions, including license revocation and referral to law enforcement. This initiative follows the CBN’s February policy allowing licensed BDCs access to the official market, aiming to further stabilize the retail segment and reduce reliance on informal channels.