CBN Waives 2025 Licence Renewal Fee For Bureau De Change Operators

The Central Bank of Nigeria (CBN) has announced the waiver of the 2025 licence renewal fee for all Bureau de Change (BDC) operators in the country.

Jonah Onojah, Director of the Financial Policy and Regulation Department, made this known in a statement, adding that the waiver takes immediate effect.

The statement reads:“This is to inform all existing bureaux 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 (CBN) has approved the waiver of the 2025 licence renewal fee, effective immediately.”

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The CBN also directed operators who had already paid for the renewal to request a refund. “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 statement added.

The apex bank emphasized its commitment to promoting stability, transparency, and efficiency in the foreign exchange market while ensuring compliance with the revised regulatory framework.

In May 2024, the CBN introduced new guidelines for BDC operations, requiring operators to re-apply for licences based on their tiers or licence categories. 

The guidelines aim to improve oversight and reposition the BDC market for better efficiency and compliance.