…CBN introduces central purchase tracker
The Central Bank of Nigeria has introduced a new regulatory and operational framework governing the purchase of foreign exchange by licensed Bureau De Change operators through Authorised Dealer Banks in the Nigerian Foreign Exchange Market.
The framework introduces a centralised electronic platform known as the FX BDC Purchase Tracker, through which the apex bank will monitor foreign-exchange purchases by BDC operators in real time or on the same day the transactions occur.
The directive was contained in a circular dated July 15, 2026, and signed by the Director of the CBN’s Trade and Exchange Department, Aderinola Shonekan.
According to the CBN, the framework is intended to improve transparency, regulatory compliance and liquidity in the retail segment of Nigeria’s foreign-exchange market.
The latest guidance follows the CBN’s February 10, 2026 circular permitting licensed BDC operators to purchase foreign exchange from any Authorised Dealer Bank of their choice at prevailing market rates.
Under that policy, each BDC was permitted to purchase a maximum of $150,000 weekly, subject to compliance with the applicable operational and regulatory requirements.
The new guidance provides more detailed rules covering eligibility, purchase requests, approvals, settlement, reporting, unutilised balances and the responsibilities of BDCs and participating banks.
The CBN directed all licensed BDC operators and Authorised Dealer Banks to familiarise themselves with the new modalities and comply with them immediately.
It warned that breaches of the circular or the accompanying guidance would attract regulatory sanctions.
Under the framework, only BDC operators possessing valid and subsisting CBN licences may purchase foreign exchange through Authorised Dealer Banks.
Operators whose licences have been suspended or who are subject to regulatory sanctions or operational restrictions will not be permitted to participate until the restrictions are lifted.
The regulator also imposed additional due-diligence obligations on banks dealing with BDC operators.
Authorised Dealer Banks must complete Know-Your-Customer and Customer Due Diligence checks before selling foreign exchange to a BDC.
They are also required to retain relevant corporate documents, verify ownership and operational information, conduct enhanced due diligence on BDCs considered high-risk and update customer records annually or whenever a material change occurs.
No foreign exchange may be disbursed to a BDC that fails to satisfy the prescribed KYC and due-diligence requirements.
The CBN will maintain the FX BDC Purchase Tracker as a central database for monitoring purchases made by BDCs through the official foreign-exchange market.
All participating BDC operators must register on the portal and submit details of their purchases in real time or on the same day.
The system is expected to help the regulator detect multiple purchases from different banks, monitor compliance with the $150,000 weekly limit and identify transactions conducted outside approved channels.
Authorised Dealer Banks will also be able to confirm whether a BDC has exhausted its weekly allocation through purchases made from another institution.