The Central Bank of Nigeria (CBN) has announced the waiver of the non-refundable annual license renewal fee for Bureau De Change (BDC) operators for the year 2025.
In a circular dated January 24, 2025, signed by John S. Onojah, the Acting Director of the Financial Policy and Regulation Department, the CBN stated that the decision was aimed at reducing the financial burden on BDC operators.
The move is also part of the apex bank’s broader strategy to foster stability, transparency, and efficiency within Nigeria’s foreign exchange market.
Bureau De Change operators are businesses licensed by the CBN to facilitate the exchange of foreign currencies.
They provide services such as buying and selling foreign currencies, supporting foreign exchange market stability, and catering to currency needs for travel and small-scale international transactions.
Addressed to all BDC operators and stakeholders in the financial services industry, the circular underscores the CBN’s commitment to supporting the ongoing transition to a new regulatory structure for BDC operations.
This development follows the introduction of the “Regulatory and Supervisory Guidelines for Bureau De Change Operations in Nigeria, 2024.”
The circular reads:
“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 license renewal fee, effective immediately.”
The decision is expected to provide relief to operators in the foreign exchange sector, enabling them to channel resources towards aligning with the revised regulatory framework.
A BDC operator who spoke on condition of anonymity described the waiver as a “welcome development,” highlighting its potential to strengthen the sector.
“By waiving the renewal fee, the CBN is not only easing the financial burden on BDC operators but also reinforcing its commitment to streamlining operations within the forex market. It sends a positive signal about the regulator’s intent to support stability in the market,” the operator said.
For operators who have already paid the 2025 license renewal fee, the CBN has made provisions for refunds.
According to the circular, affected operators are advised to apply for reimbursement by contacting the Financial Policy and Regulation Department.
“Any Bureau De Change that has paid for the 2025 license renewal is hereby advised to apply to the Director, Financial Policy and Regulation Department, Central Bank of Nigeria, for a refund to its account from which the payment emanated.”
This initiative reaffirms the CBN’s dedication to creating a robust and adaptable regulatory framework for the foreign exchange market, supporting both operators and the overall financial stability of Nigeria.