The Central Bank of Nigeria (CBN) has waived the non-refundable annual license renewal fee for Bureau De Change (BDC) operators for the year 2025. The announcement was made in a circular dated January 24, 2025, signed by John S. Onojah, the acting director of the Financial Policy and Regulation Department.

According to the circular, the decision is aimed at easing the financial burden on BDC operators while fostering stability, transparency, and efficiency in the foreign exchange market. This waiver is part of the CBN’s broader strategy to support the implementation of its new regulatory framework, as outlined in 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 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 2025 licence renewal fee, effective immediately.”

This move is expected to provide financial relief to operators in the foreign exchange sector, enabling them to better align their operations with the revised regulatory framework. An anonymous BDC operator welcomed the decision, stating, “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 BDC operators who have already paid the 2025 renewal fee, the CBN has issued instructions for reimbursement. Affected operators are advised to apply to the director of the Financial Policy and Regulation Department for a refund to their original payment accounts.

This policy adjustment reflects the CBN’s proactive approach to addressing challenges within Nigeria’s foreign exchange market while ensuring compliance with its updated regulatory guidelines.