CBN waives 2025 license renewal fee for BDCs

In a move aimed at easing financial obligations for Bureau De Change (BDC) operators, the Central Bank of Nigeria (CBN) has announced the waiver of the non-refundable annual license renewal fee for 2025.

This development was disclosed in a circular dated January 24, 2025, and signed by John S. Onojah, acting director of the financial policy and regulation department.

The circular, addressed to all BDC operators and stakeholders in the financial services industry, highlights the CBN’s commitment to fostering stability, transparency, and efficiency in the foreign exchange market.

The waiver is part of the CBN’s broader strategy to support the ongoing transition to the new BDC regulatory structure, following the release of the “Regulatory and Supervisory Guidelines for Bureau De Change Operations in Nigeria, 2024.”

The circular states, “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 2025 licence renewal fee, effective immediately.”

This decision provides relief for operators in the foreign exchange sector, allowing them to focus resources on aligning with the revised regulatory framework. Commenting on this initiative, an operator who spoke on condition of anonymity said, “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 those BDC operators who have already paid the 2025 license renewal fee, the CBN has made provisions for refunds. The circular advises such operators to apply to the director of the financial policy and regulation department for reimbursement.

“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 reads.