The Central Bank of Nigeria (CBN) has introduced a digital monitoring system that will track Bureau De Change (BDC) foreign exchange transactions from purchase requests to final utilisation, as the regulator moves to strengthen oversight of the retail FX market.

Under the new framework issued on July 15, banks and licensed BDC operators will now be required to process all foreign exchange purchases through a centralised electronic platform known as the FX BDC Purchase Tracker (FXBT).

The system will provide the apex bank with real-time visibility into dollar purchases by BDCs, allowing it to monitor compliance, prevent market abuses and improve transparency in the retail segment of the foreign exchange market.

“The Guidance announces the implementation of the electronic portal to facilitate the interaction between BDCs and the Nigerian Foreign Exchange Market (NFEM) and outlines, among others,” the CBN stated.

The latest measure builds on the bank’s February policy that

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