The Central Bank of Nigeria (CBN) has stated that the non-refundable yearly license renewal cost for 2025 will be waived, relieving financial burdens for Bureau De Change (BDC) operators.
John S. Onojah, interim director of the Department of Financial Policy and Regulation, signed a circular on January 24, 2025, disclosing this development.
The circular, sent to all BDC operators and other financial services industry partners, emphasizes the CBN’s dedication to promoting stability, openness, and effectiveness in the foreign currency market.
Following the publication of the “Regulatory and Supervisory Guidelines for Bureau De Change Operations in Nigeria, 2024,” the CBN has implemented a larger plan to help the continuing transition to the new BDC regulatory structure, which includes the waiver.
The notice states, “This is to inform all existing Bureau De Change operations 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 the 2025 license renewal fee, effective immediately.”
Thanks to this judgment, foreign exchange industry operators can concentrate their resources on conforming to the updated regulatory framework.
In response to this initiative, an anonymous operator stated, “This is a welcome development. By removing the renewal fee, the CBN not only relieves BDC operators’ financial burdens but also demonstrates its commitment to streamline forex market operations. It gives a favourable signal about the regulator’s intention to maintain market stability.”
The CBN has reimbursed BDC operators who have already paid the 2025 license renewal price. The circular suggests that these operators submit compensation applications to the department director responsible for financial policy and regulation.
The circular states, “Any bureau de change that has paid for the renewal of its 2025 license is hereby advised to apply to the director, financial policy and regulation department, Central Bank of Nigeria for the refund to its account from which the payment emanated.”
