Nigeria’s central bank wants every retail dollar traced with digital tracker

The Central Bank of Nigeria (CBN) is tightening its grip on Nigeria’s retail foreign exchange market by tracking every Bureau De Change (BDC) transaction from the moment an operator requests foreign currency until it is eventually sold. In fresh operational guidance dated July 15, issued to banks and licenced BDC operators, the apex bank released the framework for the implementation of a centralised electronic portal that will record every foreign exchange purchase made by BDCs through authorise