CBN UNVEILS CENTRALISED SYSTEM TO TRACK BDC TRANSACTIONS

The Central Bank of Nigeria (CBN) has introduced a centralised system to enhance monitoring and transparency in Bureau De Change (BDC) operations across the country.

The initiative forms part of broader reforms aimed at curbing illicit financial flows, money laundering, and terrorism financing while improving oversight of foreign exchange transactions.

Under the new framework, BDCs are required to integrate with CBN and NIBSS platforms for real-time reporting, customer verification, and transaction tracking. This move aligns with revised regulatory guidelines that reduced the number of licensed operators to ensure stricter compliance.

CBN officials emphasised that the centralised system will enable better data analysis, risk assessment, and swift regulatory action against non-compliant operators. Recent directives include freezing assets linked to entities suspected of terrorism financing.

Stakeholders view the development as a significant step towards restoring integrity in the forex market and supporting overall economic stability