The Central Bank of Nigeria has launched a digital tracking system to monitor foreign exchange purchases by Bureau De Change operators in real time, tightening oversight of the retail forex market.
Under a circular dated July 15 and signed by Trade and Exchange Department Director Aderinola Shonekan, all licensed BDCs must now process forex purchases through a centralised electronic platform called the FX BDC Purchase Tracker, submitting transaction data in real time or on the same day it occurs. Banks must acknowledge purchase requests within two business hours.
The framework builds on the CBN’s February 2026 policy allowing licensed BDCs to buy forex directly from authorised dealer banks; the existing $150,000 weekly purchase cap remains unchanged; only the reporting infrastructure is new. BDCs must return unused foreign exchange within 24 hours of the usage window expiring, and banks are barred from imposing exclusivity arrangements or referral fees.
The CBN said the system aims to curb round-tripping and speculative trading, with violations risking fines, suspension, or licence revocation under BOFIA and the Foreign Exchange Act.
Also read: US to withhold aid until Nigeria addresses terrorism
Leave feedback about this
You must be logged in to post a comment.