ABUJA, July 17 – The Central Bank of Nigeria (CBN) has introduced a new digital system that will track every dollar bought and sold by licensed Bureau De Change (BDC) operators in the country’s retail foreign exchange market.
Under fresh operational guidance issued on July 15, the CBN directed authorised dealer banks and licensed BDCs to use a central electronic platform known as the FX BDC Purchase Tracker (FXBT). The system will record every foreign exchange purchase made by BDCs through banks, from the time a request is submitted until the funds are eventually sold.
The move follows the CBN’s decision earlier this year to allow licensed BDCs buy foreign exchange directly from authorised dealer banks through the Nigerian Foreign Exchange Market. While that policy restored official access to foreign exchange, the new platform is aimed at improving oversight of how those funds are used.
With the tracker, the CBN will be able to monitor requests, approvals and settlements in real time. It is also expected to help the regulator identify operators that exceed the weekly purchase limit of $150,000, obtain allocations from more than one bank or divert foreign exchange outside approved channels.
The guidance also places more responsibility on banks, requiring them to complete Know-Your-Customer (KYC) and due diligence checks before selling foreign exchange to any BDC. Banks must also verify ownership details and are barred from dealing with operators that fail to meet the requirements.
In addition, BDCs must return any unsold foreign exchange to the NFEM within 24 hours after the allowed utilisation period ends. They are also required to disclose any unused balances before submitting new purchase requests.
The CBN said all authorised dealer banks and licensed BDCs are expected to comply with the new framework with immediate effect.
