The Central Bank of Nigeria (CBN) is tightening its grip on Nigeria’s retail foreign exchange market by tracking every Bureau De Change (BDC) transaction from the moment an operator requests foreign currency until it is eventually sold.
In fresh operational guidance dated July 15, issued to banks and licenced BDC operators, the apex bank released the framework for the implementation of a centralised electronic portal that will record every foreign exchange purchase made by BDCs through authorised dealer banks.
“The Guidance announces the implementation of the electronic portal to facilitate the interaction between BDCs and the NFEM and outlines, among others,” the CBN said.
The portal, known as the FX BDC Purchase Tracker (FXBT), will require BDCs to submit real-time or same-day data on dollar purchases, enabling systemic compliance and oversight.
The guidance builds on the CBN’s February decision to allow licenced BDCs to buy foreign exchange directly from authorised dealer banks through the Nigerian Foreign Exchange Market (NFEM), a move aimed at improving liquidity in the retail segment of the market.
