The Central Bank of Nigeria (CBN) has launched a digital tracker and issued operational guidelines for Bureau de Change (BDC) operators purchasing foreign exchange (FX) from authorised dealer banks, introducing stricter compliance requirements.
This was contained in a circular signed by Aderinola Shonekan, director of the trade and exchange department.
According to the CBN, the guidelines which provide the operational modalities for the implementation of its February 10, 2026 circular, which granted BDCs access to the official FX market through authorised dealer banks, takes immediate effect.
“The framework is intended to enhance transparency, efficiency, market liquidity, and orderly participation in the retail segment of the NFEM,” the CBN said.
According to the guidelines, only BDCs with valid and subsisting licences issued by the CBN will be eligible to purchase FX under the framework.
The CBN also said operators under regulatory sanctions, those with suspended licences or those whose operations have been restricted would remain ineligible until such sanctions are lifted.
The CBN also directed authorised dealer banks to complete full know-your-customer (KYC) and customer due diligence (CDD) checks before executing any FX transaction with a BDC.
According to the guidelines, banks are required to obtain and retain each BDC’s licence certificate, tax identification number (TIN), Corporate Affairs Commission (CAC) incorporation documents, beneficial ownership information and contact details of principal officers.
They are also expected to conduct enhanced due diligence on higher-risk operators and update KYC records at least once a year or whenever there is a material change in ownership or management.
“No foreign exchange shall be disbursed to any BDC that has not satisfied the Bank’s KYC and due diligence requirements,” the CBN said.
The apex bank said all licensed BDCs will be registered on a centralised electronic portal known as the FX BDC Purchase Tracker (FXBT) and operators will submit purchase requests electronically to any authorised dealer bank of their choice through the platform.
The CBN prohibited banks from imposing exclusivity arrangements, referral fees or any conditions that limit a BDC’s freedom to choose its preferred counterparty.
The CBN warned that violations of the circular or the accompanying guidelines would attract regulatory sanctions.
