CBN Cancels 2025 License Renewal Fee For BDC Operators

The Central Bank of Nigeria (CBN) has waived the 2025 license renewal fee for Bureau De Change (BDC) operators.

The Central Bank of Nigeria, CBN has waived the annual renewal fee for Bureau De Change, BDC operators, a move it said is aimed at reducing the financial burdens on their operations.

A circular released on January 24, 2025, signed by the acting director of the financial policy and regulation department, John S. Onojah, explains that this decision will help ease the financial pressures on BDC operators.

The CBN also stressed its commitment to ensuring stability, transparency, and efficiency in the foreign exchange market. This waiver is part of the CBN’s efforts to implement the new BDC regulatory structure introduced through the “Regulatory and Supervisory Guidelines for Bureau De Change Operations in Nigeria, 2024.”

The circular informed all BDC operators that, in line with the new regulatory framework, the CBN has approved the waiver of the 2025 license renewal fee. This policy is effective immediately.

This decision has been welcomed by many in the foreign exchange sector, as it provides some relief to BDC operators. One operator, who asked to remain anonymous, shared their appreciation: “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 renewal fee for 2025, the CBN has made arrangements for refunds. The circular advises these operators to apply to the director of the financial policy and regulation department for a reimbursement to the account from which the payment was made.
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