CBN Launches BDC FX Tracker, Sets 24-Hour Dollar Resale Rule

The Central Bank of Nigeria (CBN) has launched a new tracking system for bureau de change operators, called the BDC FX Tracker. Alongside it, the CBN has set a strict rule: any unused dollars bought from the official market must be resold within 24 hours.

The new rules build on the CBN’s 10 February circular. That circular had allowed licensed BDCs back into the Nigerian Foreign Exchange Market (NFEM) through authorised dealer banks. The latest guidance, signed by Aderinola Shonekan, Director of the Trade and Exchange Department, explains how that access should actually work day to day.

The CBN said the goal is simple. In its words, the guidance exists “to facilitate seamless implementation of the framework and support sustained liquidity in the retail segment of the foreign exchange market.”

What Is the BDC FX Tracker?

The BDC FX Tracker is a new online platform. Every licensed BDC must register on it. Once registered, BDCs must submit “real-time or same-day data” on every dollar purchase they make.

This matters because some BDCs had previously spread their purchases across several banks to get around their weekly limit. The tracker closes that gap. The CBN can now see a BDC’s full buying activity across every bank at once.

Stricter Checks Before Any Dollar Changes Hands

Before a bank sells dollars to a BDC, it must run full background checks. This includes know-your-customer (KYC) checks and customer due diligence. Banks must also keep records of the BDC’s licence, tax number, incorporation documents and the identities of its owners and officers.

The rule here is firm. The guidance states plainly that “no foreign exchange shall be disbursed to any BDC that has not satisfied the Bank’s KYC and due diligence requirements.”

How the Purchase Process Works

Once a BDC applies for dollars through the portal, its bank has two business hours to acknowledge the request. The bank must then confirm approval or rejection “immediately” after that.

A bank can only reject a request for specific reasons. These include incomplete KYC documents, or a BDC that has already hit its “weekly $150,000 cap at another bank.”

The CBN also protected BDCs from being locked into one bank. Banks cannot force exclusivity deals, charge referral fees, or block a BDC from choosing its preferred bank.

Every dollar purchase must go into the BDC’s own registered account. Sending money to any other account is treated as a serious breach. The guidance warns that this “shall constitute a regulatory violation and shall be reported immediately to the CBN.”

The 24-Hour Rule for Unused Dollars

This is the strictest part of the new guidance. Any dollars a BDC does not use must be sold back into the NFEM within 24 hours of the deadline passing. This rule also covers dollars sourced from other channels outside the official market.

Penalties are severe. Violators face the “full range of sanctions” under the BOFIA 2020 Act and the Foreign Exchange Act. This can include fines, suspension from the FX market, loss of licence, and in serious cases, referral to law enforcement.

The CBN also confirmed it can inspect BDCs and banks without warning, working jointly with other supervisory departments.

What This Means Going Forward

BDCs that already work with a particular bank can keep that relationship. But every transaction going forward must follow the new rules.

Nigeria has more than 1,700 licensed BDCs, one of the largest retail FX networks in Africa. Many operators had complained that the February reopening was hard to work with in practice. The new tracker and tighter rules are the CBN’s answer to that complaint, though it remains to be seen how smoothly operators adjust.