LAGOS —The Central Bank of Nigeria has launched a digital platform to track every official dollar purchase made by licensed Bureau De Change operators from banks, tightening regulatory oversight.
Known as the FX BDC Purchase Tracker, the system grants regulators near real-time visibility into retail foreign exchange transactions. It represents a decisive effort to improve transparency and rebuild investor confidence.
The apex bank’s new framework issued on the 15 July introduces stricter compliance rules, prohibits third-party settlements, and mandates that any unused dollars be sold back into the official market within 24 hours.
Under the guidelines, commercial banks must act as primary gatekeepers. They are required to verify the beneficial ownership of operators and vet compliance before finalizing any foreign currency sales.
The digital oversight system builds upon earlier major reforms. These include a policy allowing licensed operators to buy up to $150,000 weekly from authorized banks to meet retail demand.
The initiative marks a massive shift from decades of lax, paper-based reporting. Previously, loopholes allowed operators to buy dollars from multiple banks simultaneously, fueling aggressive parallel market speculation.
The central bank previously excluded retail operators from official foreign exchange windows for over two years. It only permitted a select group of licensed operators back into the official market.
This automated system targets double-dipping and speculative hoarding. The apex bank aims to stabilize the naira and ensure a transparent, market-driven exchange rate system by channeling transactions into formal pipelines.
