The Central Bank of Nigeria has introduced the FX BDC Purchase Tracker and directed Bureau De Change operators to resell any foreign exchange purchased from the official market that remains unutilised within 24 hours after the approved utilisation period expires.

The new operational guidelines, issued by the apex bank, outline the framework for licensed BDCs to purchase foreign exchange from authorised dealer banks through the Nigerian Foreign Exchange Market.

The guidelines provide the implementation framework for the CBN’s February 10, 2026 circular, which restored licensed BDC operators’ access to the official foreign exchange market after years of exclusion.

They also introduce stricter compliance requirements, centralised transaction monitoring and enhanced regulatory oversight aimed at improving transparency and accountability in Nigeria’s retail foreign exchange market.

The CBN said the new guidelines are intended to ensure the seamless implementation of its decision to allow licensed BDC operators to purchase foreign exchange from the official market while strengthening oversight of the retail foreign exchange segment.

According to the apex bank, the framework sets out clear operational procedures covering eligibility criteria, transaction processing, settlement, reporting requirements and compliance obligations.

“The Guidance announces the implementation of the electronic portal to facilitate the interaction between BDCs and the NFEM and outlines, among others, the eligibility requirements for participating BDCs, purchase request procedures, confirmation and settlement processes, reporting obligations, weekly purchase limits, treatment of unutilised balances, and compliance responsibilities of Authorised Dealer Banks and BDC operators.

“The CBN shall maintain a centralised portal, the FX BDC Purchase Tracker (FXBT) to which all BDCs shall be registered and submit real-time or same-day data on BDC purchases, enabling systemic compliance and oversight.“No Authorised Dealer Bank shall impose exclusivity arrangements, referral fees, or any condition that restricts a BDC’s freedom to select its preferred counterparty bank,” the statement read.

The guidelines prohibit BDC operators from retaining unutilised foreign exchange purchased from the official market, requiring any unused balances to be resold through the Nigerian Foreign Exchange Market within 24 hours after the utilisation period expires.

They also require authorised dealer banks to conduct comprehensive Know-Your-Customer and customer due diligence checks, including verification of operating licences, Corporate Affairs Commission registration, Tax Identification Number, beneficial ownership and principal officers.

All foreign exchange settlements must be conducted through registered settlement accounts, while third-party transactions remain strictly prohibited.

The CBN warned that violations of the guidelines could attract monetary penalties, suspension from the Nigerian Foreign Exchange Market (NFEM), withdrawal of BDC licences, revocation of authorised dealer status for banks involved in breaches, and referral to law enforcement agencies where criminal conduct is established.

The operational guidelines build on the CBN’s February 10, 2026 circular, which restored licensed Bureau De Change operators’ access to the official foreign exchange market as part of broader reforms to improve liquidity and transparency in Nigeria’s retail foreign exchange segment.

The policy marked a significant shift after years of restricting BDCs’ access to the official foreign exchange market.

Under the guidelines, licensed BDC operators may purchase up to $150,000 weekly from authorised dealer banks to meet eligible invisible foreign exchange transactions, including Personal Travel Allowance (PTA), Business Travel Allowance (BTA), overseas school fees and medical expenses.

The CBN also requires BDCs to sell foreign exchange to end-users at a margin not exceeding one per cent above the purchase price and to maintain detailed transaction records for regulatory inspection.

In addition, the guidelines establish the operational procedures for initiating, monitoring, settling and reporting all transactions through the FX BDC Purchase Tracker.

The guidelines also clarify how the CBN will enforce the weekly purchase limit by tracking transactions across authorised dealer banks through the FX BDC, FXBT making it more difficult for BDC operators to exceed their approved weekly allocation using multiple banking relationships.