The Central Bank of Nigeria (CBN) has introduced an electronic tracking system (E-Tracker) for Bureau de Change (BDC) operators to strengthen oversight and improve compliance in the foreign exchange market.
Under the new framework, each BDC will be subject to a weekly foreign exchange purchase limit of 150,000 U.S. dollars. The electronic platform is designed to detect and prevent attempts by operators to exceed the approved limit through transactions across multiple banks.
The CBN also directed that all foreign exchange proceeds must be paid exclusively into a Bureau de Change operator’s registered settlement account, while third-party payments will no longer be permitted under the new system.
The initiative is aimed at improving transparency, preventing abuse of the foreign exchange market and ensuring greater accountability among licensed BDC operators.
