CBN launches FX tracker to monitor all bureau de change dollar deals

The Central Bank of Nigeria has launched the FX BDC Purchase Tracker (FXBT), an electronic portal that records every dollar purchase made by licensed bureau de change operators from authorised dealer banks. Effective immediately, BDCs must submit real‑time or same‑day data on each FX request, enabling the CBN to track requests, approvals and settlements and spot breaches of the weekly $150,000 purchase limit, multiple‑bank sourcing or diversion of funds. The portal builds on the CBN’s February move that allowed BDCs to buy FX directly from banks via the Nigerian Foreign Exchange Market, aiming to clean up the retail forex market after issuing final licences to 82 BDCs in December 2025. Under the new rules, banks must conduct full KYC and beneficial‑ownership checks before releasing funds and cannot force exclusivity; BDCs may choose any authorised dealer bank. Any FX bought through the NFEM must be sold back within 24 hours if unsold, or the balance is forfeited and market access lost. All transactions between banks, BDCs and end‑users must now settle through licensed financial institutions, banning third‑party transfers. The CBN says the system builds infrastructure for real‑time liquidity monitoring, compliance enforcement and abuse detection in Nigeria’s opaque retail forex market.

SOURCE: https://techcabal.com/2026/07/16/cbn-wants-to-know-where-every-retail-dollar-goes/