The Central Bank of Nigeria has announced waiver of the non-refundable annual license renewal fee for Bureau De Change operators.
The CBN however pointed out that BDC operators who have already paid the 2025 license renewal fee would be refunded, adding that such operators should apply to the director of the financial policy and regulation department for reimbursement.
According to the circular dated January 24, 2025, 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 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.”
It said 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.
“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 refund to its account from which the payment emanated,” the circular reads.
