The Central Bank of Nigeria (CBN) has started a new move to fight money laundering and other illegal financial activities by sending out mystery shoppers to Bureau de Change (BDC) outlets across the country.

In a circular dated April 17, 2025, and signed by Amonia Opusunju, Director of the Compliance Department, the CBN announced that these mystery shopping exercises will begin immediately. The goal is to quietly check if BDC operators are following important rules like verifying customer identities, knowing their customers (KYC), and reporting suspicious transactions.

Mystery shopping involves sending undercover officers, posing as regular customers, to BDCs to see how well they follow the rules in real-life situations. This method is commonly used around the world to check compliance without warning.

The CBN reminded all BDCs that they must strictly follow laws such as the Money Laundering (Prevention and Prohibition) Act, 2022, the Terrorism (Prevention and Prohibition) Act, 2022, and the latest regulatory guidelines released in 2024. Any BDC found breaking these rules could face serious consequences, including fines or losing their license.

“Full responsibility for compliance rests with each licensed BDC,” the CBN stated, making it clear that excuses won’t be accepted.

This mystery shopping initiative is part of broader changes in Nigeria’s foreign exchange market. In February 2024, the CBN resumed selling dollars to BDCs after suspending it in 2021 due to malpractice concerns. Then in February 2025, it introduced a $25,000 weekly purchase limit from one commercial bank to tighten control.

With this latest step, the CBN is sending a strong message: It’s time for BDCs to take compliance seriously, or face the consequences.