The Central Bank of Nigeria (CBN) has rolled out a new digital monitoring platform known as the FX BDC Purchase Tracker, a move expected to transform oversight within Nigeria’s foreign exchange market. The centralised system will enable the apex bank to monitor Bureau De Change (BDC) transactions in real time, strengthening transparency, improving compliance, and reducing irregularities across the sector.
In a circular issued by the Director of the CBN’s Trade and Exchange Department, Aderinola Shonekan, the bank stated that all licensed BDC operators must register on the platform and submit transaction data either in real time or on the same day purchases are made. According to the CBN, the initiative is designed to provide regulators with full visibility into foreign exchange activities while ensuring stricter compliance with existing market rules.
The development builds on the February 2026 policy that reintroduced licensed BDCs into Nigeria’s foreign exchange market, allowing them to purchase foreign currency directly from Authorised Dealer Banks. Under that arrangement, eligible operators can access up to $150,000 weekly at prevailing market rates to meet legitimate retail demand. With the new tracker in place, the CBN will now be able to closely monitor how these allocations are utilised and prevent diversion into unauthorised channels.
A senior official at the apex bank described the initiative as a major shift from manual reporting systems to automated transaction-level surveillance. The official noted that the regulator is adopting a zero-tolerance approach to compliance breaches, warning that operators who fail to upload transaction data promptly could face severe sanctions. The move is expected to improve accountability and ensure that all market participants operate within approved guidelines.
Industry experts have welcomed the introduction of the FX BDC Purchase Tracker, describing it as a significant step toward restoring confidence in Nigeria’s retail foreign exchange market. For years, the sector has faced challenges including speculative trading, lack of transparency, and price distortions. Analysts believe the real-time monitoring system will help curb abuse, improve liquidity, support regulatory enforcement, and ultimately contribute to greater stability for the naira and the broader foreign exchange ecosystem.
source: punch
