The Central Bank of Nigeria (CBN) has waived the non-refundable annual license renewal fee for Bureau De Change (BDC) operators for the 2025 fiscal year, offering relief to operators navigating regulatory transitions in the foreign exchange market.
The announcement, detailed in a circular dated January 24, 2025, was signed by John S. Onojah, Acting Director of the Financial Policy and Regulation Department.
The circular, addressed to all BDC operators and stakeholders, underscores the CBN’s dedication to promoting stability, efficiency, and transparency in Nigeria’s forex market.
Regulatory Shift and Support for BDC Operators
The waiver aligns with the CBN’s implementation of the “Regulatory and Supervisory Guidelines for Bureau De Change Operations in Nigeria, 2024.” It marks a key step in supporting the transition to the newly introduced BDC regulatory framework.
“This is to inform all existing bureau de change that further to 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 has approved the waiver of the 2025 licence renewal fee, effective immediately,” the circular stated.
BDC operators have welcomed the decision, with one operator describing it as “a welcome development.” The operator emphasised that the waiver eases financial burdens while signalling the regulator’s intent to stabilise the forex market.
“This move by the CBN shows a genuine effort to support operators in adapting to the new regulatory framework. It’s a step towards ensuring stability and efficiency in the market,” the operator said.
For BDC operators who have already paid the 2025 renewal fee, the CBN has made provisions for refunds.
The circular advises such operators to submit applications for reimbursement directly to the Director of the Financial Policy and Regulation Department.
“Any bureau de change that has paid for 2025 licence renewal is hereby advised to apply to the director, financial policy and regulation department, Central Bank of Nigeria, for refund to its account from which the payment emanated,” the circular added.
The waiver and refund initiative highlights the CBN’s commitment to fostering a more inclusive and well-regulated forex market.
By reducing operational costs for BDC operators, the central bank aims to bolster confidence and streamline compliance with the updated regulatory framework.
As Nigeria’s foreign exchange market continues to evolve, the CBN’s proactive measures are expected to enhance stability, support market participants, and drive broader financial sector reforms.
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