CBN unveils centralised system to track BDC transactions

The PunchIndependentCenter7 hr. ago

The Central Bank of Nigeria (CBN) has launched a centralized real-time transaction-tracking system called the FX BDC Purchase Tracker to monitor Bureau De Change (BDC) operators in the foreign exchange market. This system requires all licensed BDCs to submit real-time or same-day data on their foreign exchange purchases, aiming to improve transparency, compliance, and oversight. The move supports a 2026 policy that allows licensed BDCs to purchase foreign exchange directly from authorized dealer banks. The CBN emphasized strict enforcement, warning of severe penalties for non-compliance, and highlighted the need to prevent money laundering, speculation, and improper fund allocation. Experts have welcomed the initiative as a step toward greater financial regulation and market stability.

Bias read (Center): The article presents the CBN's regulatory action as a necessary measure to strengthen oversight and combat illegal practices in the foreign exchange market. While the subject involves government policy and economic regulation, the framing remains neutral, focusing on factual implementation and stake

Premium Times NigeriaIndependentCenter10 hr. ago

The Central Bank of Nigeria (CBN) has introduced new operational guidelines for Bureau De Change (BDC) operators to purchase foreign exchange from authorized dealer banks via the Nigerian Foreign Exchange Market (NFEM). The guidelines include the deployment of an electronic tracking portal called the FX BDC Purchase Tracker (FXBT) to enhance transparency and regulatory oversight. Key provisions include allowing BDCs to choose their preferred banks without exclusivity arrangements or referral fees, requiring BDCs to have valid licenses, and mandating Know Your Customer (KYC) and Customer Due Diligence (CDD) checks for all transactions. Banks must verify BDCs' legal status, tax identification, and other documentation before facilitating foreign exchange transactions.

Bias read (Center): The article presents the CBN's regulatory actions as objective policy updates aimed at improving transparency and efficiency in the foreign exchange market. It does not overtly favor or criticize specific political groups, parties, or ideologies. The framing remains neutral, focusing on procedural,