The Central Bank of Nigeria (CBN) has introduced a real-time monitoring system for Bureau De Change operators as part of efforts to improve transparency, strengthen regulatory oversight and enhance compliance in the foreign exchange market.

In a circular signed by the Director of the CBN's Trade and Exchange Department, Aderinola Shonekan, the apex bank announced the creation of the FX BDC Purchase Tracker, a centralised electronic platform through which all licensed BDCs must register and submit real-time or same-day records of their foreign exchange purchases.

Under the new directive, all foreign exchange purchases must be processed through the tracker, enabling the CBN to monitor transactions as they occur. The apex bank warned that operators who fail to upload transaction data promptly risk facing regulatory sanctions.

— THENATION