Nigeria's Central Bank Mandates Real-Time Tracking of All BDC Dollar Transactions with $150,000 Weekly Purchase Limit

According to the Central Bank of Nigeria, on July 15, the apex bank released a new framework requiring licensed Bureau De Change (BDC) operators to submit real-time data on all foreign exchange purchases through a digital portal called the FX BDC Purchase Tracker (FXBT). The system will enable the CBN to monitor every transaction from purchase request to settlement, identifying operators attempting to exceed their weekly $150,000 purchase limits or divert foreign exchange outside approved channels.

Authorised dealer banks are required to conduct full Know-Your-Customer checks before disbursing foreign exchange to any BDC, effectively serving as the first line of regulatory enforcement. BDCs must also sell any unsold foreign exchange purchased through the official market within 24 hours, with unused balances forfeited if not resold, a measure designed to prevent speculation and ensure liquidity circulation.