The Central Bank of Nigeria (CBN) has announced a waiver for the 2025 licence renewal fee for all bureaux de change (BDC) operators.
The decision, which took immediate effect, was disclosed on Friday by Jonah Onojah, the director of the Financial Policy and Regulation Department.
“This is to inform all existing bureaux de change that, in line with the Regulatory and Supervisory Guidelines for Bureau De Change Operations in Nigeria, 2024, and the ongoing transition to the new BDC regulatory structure, the Central Bank of Nigeria (CBN) has approved the waiver of the 2025 licence renewal fee, effective immediately,” a statement from the CBN said.
The bank further advised any BDC that had already paid the 2025 licence renewal fee to apply for a refund. Operators were instructed to submit their refund requests to the Director of the Financial Policy and Regulation Department at the CBN, specifying the account from which the payment was made.
The CBN emphasized its continued commitment to enhancing stability, transparency, and efficiency in the foreign exchange market, while ensuring BDC operators comply with the revised regulatory framework.
This move follows the CBN’s approval of new guidelines for BDC operations on May 22, 2024. As part of these updated regulations, the CBN has mandated that all existing BDCs re-apply for new licences under the revised tiers or licence categories of their choice.
These new guidelines are designed to reposition the BDC market to better fulfill its role within Nigeria’s foreign exchange market, enhancing oversight and ensuring that operators align with the country’s evolving financial regulations.
