CBN waives 2025 licence renewal fee for BDC operators

The Central Bank of Nigeria, CBN, has waived the 2025 licence renewal fee for all bureau de change (BDC) operators.

The director of the financial policy and regulation department, Jonah Onojah recently announced the development, saying the waiver took immediate effect.

“This is to inform all existing bureaux 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 (CBN) has approved the waiver of 2025 licence renewal fee, effective immediately.”

“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.

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“The CBN remains committed to fostering stability, transparency, and efficiency in the foreign exchange market while ensuring that operators align with the revised regulatory framework,” the statement read.

It could be recalled that the apex bank, to improve compliance and oversight, approved new guidelines for BDC operations in May, 2024.

In the guideline, the CBN asked all BDC operators to re-apply for a new licence according to their tiers or licence categories, adding that the guidelines are part of its efforts to re-position the BDC market