CBN Waives 2025 License Renewal Fee for Bureau De Change Operators
By Okafor Joseph Afam
January 28, 2025
In a move aimed at alleviating the financial burden on Bureau De Change (BDC) operators, the Central Bank of Nigeria (CBN) has announced a waiver of the annual non-refundable license renewal fee for 2025.
This announcement was detailed in a circular dated January 24, 2025, signed by John S. Onojah, Acting Director of the Financial Policy and Regulation Department. The document, addressed to BDC operators and stakeholders in the financial services sector, underscores the CBN’s dedication to promoting stability and efficiency in the foreign exchange market.
The waiver aligns with the CBN’s broader strategy to ease the transition into the recently released “Regulatory and Supervisory Guidelines for Bureau De Change Operations in Nigeria, 2024.”
“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.
The move has been widely welcomed by operators within the foreign exchange market. One BDC operator, who requested anonymity, commended the CBN’s decision, stating, “This is a welcome development. 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.”
For BDC operators who have already paid the 2025 license renewal fee, the CBN has made provisions for refunds. The circular directs such operators to apply for reimbursement to the Director of the Financial Policy and Regulation Department.
“Any Bureau De Change that has paid for the 2025 licence 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,” the circular reads.
This decision marks a significant relief for operators, allowing them to channel resources toward adapting to the revised regulatory framework while contributing to the overall stability of Nigeria’s foreign exchange system.
