Launches Centralized Portal for Real-Time FX Monitoring
The Central Bank of Nigeria (CBN) has announced a high-tech regulatory offensive against transparency loopholes in the retail segment of the market.
The apex bank yesterday unveiled a comprehensive real-time monitoring framework for Bureau De Change (BDC) operators, anchored by a new centralized transaction-tracking platform. The initiative, titled the **FX BDC Purchase Tracker (FXBT)**, is designed to provide the regulator with unprecedented visibility into how foreign currency is acquired and utilized at the street level.
Under the new directive, which takes immediate effect, all licensed BDC operators must register on the FXBT portal. The framework mandates the submission of data on foreign exchange purchases either in real-time or, at the latest, by the close of the business day.
The move is seen as the “final piece of the puzzle” for the CBN’s February 2026 policy, which reintegrated BDCs into the Nigerian Foreign Exchange Market (NFEM). By allowing BDCs to purchase up to $150,000 weekly from Authorised Dealer Banks (ADBs), the CBN created a liquidity lifeline; the FXBT is the “leash” intended to ensure that liquidity isn’t diverted into the black market or used for speculative hoarding.
Aderinola Shonekan, Director of the CBN’s Trade and Exchange Department, emphasized in a circular that the portal is not merely a reporting tool but a systemic compliance engine. “The FXBT will enable the bank to detect breaches of regulatory limits and identify suspicious transactions as they happen,” Shonekan stated.
The CBN is also holding commercial banks accountable. Authorised Dealer Banks are now legally obligated to perform “Enhanced Due Diligence” before selling forex to any BDC. This includes verifying Tax Identification Numbers (TIN), Corporate Affairs Commission (CAC) filings, and beneficial ownership.
Crucially, the CBN has moved to prevent “regulatory capture” by prohibiting exclusive partnerships between banks and BDCs. Banks are forbidden from imposing referral fees or exclusivity agreements that would prevent a BDC from seeking better rates or services elsewhere. This is intended to foster a competitive, level playing field that benefits the end-user.
To combat the perennial problem of dollar hoarding, the new framework introduces a strict utilization window. BDCs are no longer permitted to sit on unutilized foreign exchange. Any balance not sold to legitimate end-users must be returned to the market within 24 hours of the expiration of the permitted utilization period.
Furthermore, all transactions must remain within the formal banking system. The CBN reiterated that third-party transactions are strictly prohibited; every kobo and cent must be traceable through accounts maintained with licensed financial institutions.
The apex bank has made it clear that the era of “slap-on-the-wrist” penalties is over. Violators of the new framework face a suite of sanctions under the Banks and Other Financial Institutions Act (BOFIA) 2020.
Sanctions include:
Immediate suspension or permanent revocation of operating licenses, Heavy monetary fines for both BDCs and complicit banks, Referral to law enforcement agencies for criminal prosecution in cases of money laundering or economic sabotage.
Market analysts suggest that this move marks a significant shift in Governor Olayemi Cardoso’s strategy to stabilize the Naira. By combining market-driven liquidity with “big brother” style digital surveillance, the CBN hopes to squeeze out speculators and ensure that the retail forex market serves the needs of genuine travelers, small businesses, and students abroad.
As of press time, the Trade and Exchange Department is preparing to launch unannounced on-site inspections to ensure that the digital data submitted on the FXBT matches the physical books of BDC operators across the country.
