The circular, addressed to all BDC operators and stakeholders in the financial services industry, explained that the move aims to ease the operators’ financial obligations.
The Central Bank of Nigeria (CBN) has waived the 2025 non-refundable annual licence renewal fee for Bureau De Change (BDC) operators.
This was disclosed in a circular dated January 24, 2025, signed by John S. Onojah, acting director of the financial policy and regulation department.
The circular, addressed to all BDC operators and stakeholders in the financial services industry, explained that the move aims to ease the operators’ financial obligations.
It added that the waiver is part of the CBN’s broader strategy to support the ongoing transition to the new BDC regulatory structure, following the release of the ‘Regulatory and Supervisory Guidelines for Bureau De Change Operations in Nigeria, 2024.’
The circular states, “This is to inform all existing bureau de change that, in accordance with 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 licence renewal fee, effective immediately.”
This ruling provides relief to foreign exchange operators, allowing them to focus their resources on complying with the updated regulatory frameworks.
The CBN has refunded BDC operators who have already paid the 2025 licence renewal price. The circular urges such operators to seek reimbursement from the director of the financial policy and regulation department.
“Any bureau de change that has paid for 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 circular reads.
