CBN Unveils Real-Time FX Tracker for BDC Transactions
The Central Bank of Nigeria has launched the FX BDC Purchase Tracker (FXBT) to monitor how licensed Bureau De Change operators buy foreign exchange from authorised dealer banks. All licensed BDCs must register on the portal and report their FX purchases in real time or on the same day. The new framework builds on a February policy allowing each eligible BDC to buy up to $150,000 weekly at market rates. It aims to boost transparency, strengthen compliance and increase liquidity in the retail forex market. Banks are required to conduct thorough KYC and due diligence before onboarding any BDC. They must acknowledge FX requests within two hours and may only reject incomplete or non-compliant applications. The CBN warns that breaches could lead to fines, suspension of licences, forfeiture of funds or other penalties under BOFIA and the Foreign Exchange Act.
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