The Central Bank of Nigeria (CBN) has announced the waiver of the 2025 licence renewal fee for all Bureau De Change (BDC) operators. This decision was disclosed on Friday by Jonah Onojah, Director of the Financial Policy and Regulation Department, and takes immediate effect.

In a statement, the CBN clarified that the waiver aligns with the newly introduced Regulatory and Supervisory Guidelines for Bureau De Change Operations in Nigeria, 2024, as well as the ongoing transition to a revised regulatory framework for BDCs.

The statement read: “This is to inform all existing Bureau De Change operators that, in line with the 2024 Regulatory and Supervisory Guidelines for Bureau De Change Operations and the transition to the new BDC regulatory structure, the Central Bank of Nigeria has approved the waiver of the 2025 licence renewal fee, effective immediately. BDCs that have already paid the 2025 renewal fee are advised to apply for a refund through the Director of the Financial Policy and Regulation Department at the CBN.”

The CBN reiterated its commitment to promoting stability, transparency, and efficiency in the foreign exchange market, while ensuring that BDC operators comply with the updated regulatory framework.

This development follows the CBN’s approval of new guidelines for BDC operations on May 22, 2024, aimed at enhancing compliance and oversight. Under the new guidelines, all existing BDCs are required to reapply for licences under the tier or category of their choice. The CBN emphasized that these measures are part of broader efforts to reposition the BDC sector to fulfill its intended role in Nigeria’s foreign exchange market.