The Central Bank of Nigeria (CBN) issued operational guidance dated July 15 to banks and licensed Bureau De Change (BDC) operators, implementing a centralized electronic portal to track every retail foreign exchange transaction. The FX BDC Purchase Tracker (FXBT) will record all foreign currency purchases by BDCs through authorized dealer banks from request to sale. The framework builds on the CBN's February decision allowing licensed BDCs to buy foreign exchange directly from authorized banks through the Nigerian Foreign Exchange Market (NFEM) and follows the December 2025 issuance of final licenses to 82 BDC operators under 2024 regulatory guidelines.
CBN Implements Real-Time FX Purchase Tracking Portal
The FX BDC Purchase Tracker (FXBT) requires BDCs to submit real-time or same-day data on dollar purchases, according to the CBN guidance. The portal facilitates interaction between BDCs and the NFEM and provides the CBN visibility into every request, approval, and settlement. The system is designed to identify BDCs attempting to exceed their weekly purchase limits of $150,000, obtain allocations from multiple banks, or divert foreign exchange outside approved channels.
A BDC wishing to purchase foreign exchange must submit a purchase request electronically via the portal to the chosen bank. Banks must acknowledge receipt of the request within two business hours and confirm success or rejection immediately through the portal. BDCs must also disclose previously unused balances whenever they submit fresh purchase requests.
Banks Required to Conduct KYC Before FX Sales
Authorized dealer banks must conduct full Know-Your-Customer (KYC) and customer due diligence checks before selling foreign exchange to any BDC. Banks must verify beneficial ownership information, retain incorporation documents, and perform enhanced due diligence on higher-risk operators. Banks are prohibited from disbursing foreign exchange to any BDC that fails these requirements.
The framework bars banks from forcing BDCs into exclusive relationships, allowing operators to choose any authorized dealer bank for their purchases. The CBN stated that all authorized dealer banks and licensed BDCs are required to comply with the regulatory guidance with immediate effect.
BDCs Must Return Unsold Foreign Exchange Within 24 Hours
BDCs are prohibited from holding foreign exchange purchased through the NFEM if it remains unsold. Any unused balance must be sold back to the NFEM market within 24 hours after the utilization period expires. Operators that fail to comply risk forfeiting the balance and losing access to the official market.
All foreign exchange transactions between banks, BDCs, and customers must be settled through accounts held with licensed financial institutions. Third-party transactions are prohibited, meaning foreign exchange purchased by a BDC can only be credited to its registered settlement account. Any transfer to another account constitutes a regulatory breach.
FAQ
What is the FX BDC Purchase Tracker portal implemented by Nigeria's central bank?
The FX BDC Purchase Tracker (FXBT) is a centralized electronic portal announced in CBN guidance dated July 15 that records all foreign exchange purchases by Bureau De Change operators through authorized dealer banks. The portal requires BDCs to submit real-time or same-day data on dollar purchases and tracks transactions from request to sale.
What are the requirements for banks selling foreign exchange to BDCs in Nigeria?
Authorized dealer banks must conduct full KYC and customer due diligence checks, verify beneficial ownership information, retain incorporation documents, and perform enhanced due diligence on higher-risk operators before selling foreign exchange to any BDC. Banks are prohibited from disbursing FX to BDCs that fail these requirements and must acknowledge purchase requests within two business hours.
How long can BDCs hold unsold foreign exchange purchased through Nigeria's official market?
BDCs must sell back any unused foreign exchange balance to the NFEM market within 24 hours after the utilization period expires. Operators that fail to comply risk forfeiting the balance and losing access to the official market, according to the CBN guidance.
