FRI JULY 17 2026-theGBJournal| The Central Bank of Nigeria (CBN) has rolled out a real-time transaction monitoring system for Bureau De Change (BDC) operators, marking one of its most significant steps yet to strengthen regulatory oversight of the retail foreign exchange market.
The move introduces a centralised digital platform that will allow the apex bank to monitor foreign exchange purchases by licensed BDCs as they occur, reinforcing transparency, improving compliance and reducing opportunities for market abuse.
The new framework, outlined in a circular signed by the Director of the CBN’s Trade and Exchange Department, Aderinola Shonekan, establishes the FX BDC Purchase Tracker, a centralised electronic portal through which all licensed BDCs must register and submit transaction data in real time or, at the latest, on the same day the transactions are executed.
“The CBN shall maintain a centralised portal, the FX BDC Purchase Tracker, to which all BDCs shall be registered and submit real-time or same-day data on BDC purchases, enabling systemic compliance and oversight,” the circular stated.
The directive forms part of the implementation of the CBN’s February 2026 policy that readmitted licensed Bureau De Change operators into Nigeria’s official foreign exchange market, allowing them to purchase foreign currency directly from Authorised Dealer Banks after years of exclusion.
Under the new rules, every foreign exchange purchase executed by a BDC must be processed and reported through the tracker, giving the central bank near real-time visibility into retail market transactions.
The system is expected to improve regulatory surveillance, facilitate data-driven supervision and strengthen efforts to curb speculative activities, illicit transactions and regulatory breaches within the segment.
The CBN warned that any failure to upload transaction data promptly, or any delay in complying with the reporting requirements, would attract regulatory sanctions, underscoring the bank’s shift towards automated, transaction-level monitoring of the retail FX market.
The latest measure reflects the central bank’s broader strategy to restore confidence in Nigeria’s foreign exchange market through greater transparency, enhanced compliance standards and tighter supervision of licensed market participants.
By creating a central repository of BDC transactions, the regulator aims to improve the integrity of the retail FX ecosystem while ensuring that foreign exchange supplied through authorised channels is used in line with existing guidelines.
A senior CBN official described the initiative as a decisive step towards strengthening market discipline, saying the apex bank was deploying real-time transaction tracking to ensure “complete visibility and systemic compliance” across the Bureau De Change segment of the foreign exchange market.
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