The Central Bank of Nigeria (CBN) has announced the waiver of the 2025 annual license renewal fee for all existing Bureau De Change (BDC) operators. This move is part of the ongoing regulatory reforms aimed at improving operations in the foreign exchange market.
In a circular dated January 24, 2025, and signed by the Acting Director of the Financial Policy and Regulation Department, John Onojah, the CBN confirmed that the waiver takes immediate effect. The decision follows the implementation of the 2024 Regulatory and Supervisory Guidelines for Bureau De Change Operations and the transition to a new regulatory framework for the sector.
The CBN has advised BDC operators who have already paid the 2025 renewal fee to apply for a refund. Applications should be submitted to the Director, Financial Policy and Regulation Department at the CBN. Refunds will be processed directly into the account from which the original payment was made.
The apex bank reiterated its commitment to ensuring stability, transparency, and efficiency in Nigeria’s foreign exchange market. By waiving the non-refundable license renewal fee for 2025, the CBN aims to ease financial pressure on operators while promoting compliance with the revised regulatory framework.
The waiver signals a shift in the CBN’s approach to managing the BDC sector amid broader efforts to address foreign exchange liquidity challenges and enhance compliance among operators. In recent months, the central bank has introduced a series of reforms designed to reduce distortions in the forex market, streamline operations, and improve overall market efficiency.
The 2024 guidelines introduced stricter compliance measures, requiring BDC operators to meet *higher regulatory and operational standards*. The CBN’s decision to waive the renewal fee is expected to support BDCs during this transition period, ensuring they can adapt to the new framework without additional financial strain.
This latest directive is in line with the CBN’s broader efforts to reposition the foreign exchange market, restore confidence, and foster a more structured and transparent system. By reducing regulatory burdens on existing operators, the bank seeks to create a more efficient and well-regulated BDC sector that contributes positively to the country’s forex stability.
