The Central Bank of Nigeria (CBN) has introduced the FX BDC Purchase Tracker (FXBT) and issued new operational guidelines requiring Bureau De Change (BDC) operators to resell any unused foreign exchange purchased from the official market within 24 hours after the approved utilisation period expires.
The guidelines outline the procedures through which licensed BDCs will purchase foreign exchange from authorised dealer banks via the Nigerian Foreign Exchange Market (NFEM).
The framework implements the CBN’s February 10, 2026 circular, which restored licensed BDCs’ access to the official foreign exchange market after years of exclusion, while introducing tighter compliance measures designed to improve transparency, accountability, and oversight of Nigeria’s retail foreign exchange market.
What the data is saying
The introduction of the FX BDC Purchase Tracker (FXBT) represents another step in the CBN’s efforts to digitise and strengthen supervision of the retail foreign exchange market.
By centralising the monitoring of BDC transactions, the apex bank will be able to track the purchase, utilisation, and resale of foreign exchange supplied through the official market in real time. This is expected to reduce opportunities for speculation, diversion, multiple allocations, and other forms of market abuse.
One of the most significant provisions requires BDCs to resell any unused foreign exchange within 24 hours after the utilisation window expires. This measure is intended to prevent operators from warehousing dollars in anticipation of future exchange rate gains, thereby discouraging hoarding and improving liquidity in the official market.
The new framework also reinforces the CBN’s broader objective of ensuring that foreign exchange supplied through official channels reaches genuine end-users rather than being diverted into speculative activities or the parallel market.
More insights
The guidelines build on the CBN’s decision earlier this year to restore licensed BDCs’ access to the official foreign exchange market, reversing years of exclusion during which retail FX demand was largely served by commercial banks and the parallel market.
Since reintroducing BDC participation, the apex bank has increasingly focused on strengthening governance and compliance to ensure that official foreign exchange allocations are used for legitimate retail transactions.
The FXBT is expected to provide regulators with improved visibility over transaction flows, making it easier to detect irregularities, monitor compliance, and enforce sanctions where necessary.
The tighter reporting and monitoring requirements also align with the CBN’s broader foreign exchange reform agenda, which seeks to improve price discovery, enhance market integrity, reduce arbitrage opportunities, and restore confidence in Nigeria’s FX market.
For licensed BDC operators, the new framework will likely require stronger internal controls, more robust record-keeping, and stricter adherence to regulatory timelines.
What you should know
The FX BDC Purchase Tracker (FXBT) is a centralised monitoring platform developed by the CBN to oversee foreign exchange purchases and utilisation by licensed Bureau De Change operators.
Under the new guidelines:
- Licensed BDCs must purchase foreign exchange through authorised dealer banks in the Nigerian Foreign Exchange Market (NFEM).
- Every transaction will be monitored through the FXBT platform to improve transparency and regulatory oversight.
- Any foreign exchange that remains unused after the approved utilisation period must be resold within 24 hours, limiting opportunities for hoarding and speculation.
- The framework implements the CBN’s February 10, 2026 decision restoring BDC access to the official FX market while imposing stricter compliance obligations.
The latest measures underscore the CBN’s continuing efforts to deepen reforms in Nigeria’s foreign exchange market by combining greater access to official FX with stronger supervision, enhanced transparency, and tighter controls aimed at improving market efficiency and curbing speculative practices.
