CBN launches centralised portal to track BDC transactions in real time

The Central Bank of Nigeria has introduced a comprehensive real-time monitoring framework for Bureau De Change operators, unveiling a centralised transaction-tracking platform aimed at strengthening oversight, improving transparency, and enhancing compliance across Nigeria's foreign exchange market.

A circular signed by the Director of the CBN's Trade and Exchange Department, Aderinola Shonekan, reinforced this stance, stating, 'The CBN shall maintain a centralised portal, the FX BDC Purchase Tracker, to which all BDCs shall be registered and submit real-time or same-day data on BDC purchases, enabling systemic compliance and oversight.'

How the new system works

The new framework supports the implementation of the February 2026 policy that reintroduced licensed BDCs into the Nigerian Foreign Exchange Market, allowing them to purchase foreign exchange directly from Authorised Dealer Banks. Under the new directive, all licensed operators must process their foreign exchange purchases through the FX BDC Purchase Tracker, a centralised electronic portal enabling the apex bank to monitor transactions on the exact day they occur.

That policy allowed eligible BDCs with valid and subsisting operating licences to purchase up to $150,000 weekly from dealer banks at prevailing market rates to satisfy legitimate retail demand. With the launch of the tracker, regulators can now monitor exactly how those allocations are utilised, ensuring funds are not diverted into parallel or unauthorised channels.

Strict penalties for non-compliance

The central bank warned that any default or delay in uploading purchase data would attract severe regulatory sanctions, signifying a major shift towards automated, transaction-level surveillance of the retail foreign currency market.

'The CBN clamps down on BDCs with a real-time transaction tracker to ensure complete visibility and systemic compliance within the retail market segment,' stated a high-ranking official at the apex bank. The official explained that the initiative represents a zero-tolerance approach to regulatory breaches, adding, 'We are transitioning away from delayed, manual reporting to automated monitoring because the integrity of the foreign exchange ecosystem cannot be compromised.'

Historical context and market impact

Historically, the retail foreign exchange segment has been plagued by a lack of transparency, speculative hoarding, and arbitrary pricing, which previously forced the apex bank to suspend sales to BDCs entirely. By deploying this digital tracker, the CBN aims to eliminate double-dipping, track unutilised funds, and ensure that only compliant operators remain active in the market.

Financial experts have praised the technological intervention, noting that real-time tracking will significantly boost liquidity, enhance regulatory compliance, and help stabilise the naira by curbing speculative activities in the retail market.

For the naira, this move signals tighter control over the retail forex segment. If enforced effectively, reduced speculative demand and improved transparency could support exchange rate stability in the weeks ahead.