The Central Bank of Nigeria (CBN) has announced a significant waiver of the 2025 license renewal fee for Bureau De Change (BDC) operators, as part of efforts to reduce financial pressure on players in the foreign exchange market.
In a circular dated January 24, 2025, signed by John S. Onojah, Acting Director of the Financial Policy and Regulation Department, the CBN revealed that the move is aimed at supporting BDC operators during the transition to the recently introduced regulatory structure.
The directive underscores the apex bank’s commitment to enhancing stability, transparency, and operational efficiency in the forex market.
The waiver follows the release of the Regulatory and Supervisory Guidelines for Bureau De Change Operations in Nigeria, 2024, which introduced reforms to streamline and modernize the sector.
By eliminating the 2025 renewal fee, the CBN aims to ease financial obligations for operators, enabling them to focus on aligning with the updated regulatory framework.
For BDC operators who have already paid the renewal fee, the CBN has assured refunds.
The circular advises such operators to apply to the Director of the Financial Policy and Regulation Department for reimbursement, with payments being credited back to the originating accounts.
This initiative is expected to boost confidence among BDC operators and reinforce the CBN’s commitment to promoting stability in Nigeria’s foreign exchange market.
Industry stakeholders view the decision as a progressive step toward fostering a more supportive environment for foreign exchange operations.
