Photo caption: Central Bank of Nigeria head office
The Central Bank of Nigeria has approved the waiver of the 2025 annual license renewal fee for all existing Bureau De Change operators.
This was disclosed in a circular dated January 24, 2025, signed by the Acting Director of the Financial Policy and Regulation Department, John Onojah.
The directive follows the implementation of the Regulatory and Supervisory Guidelines for Bureau De Change Operations in Nigeria in 2024, and the ongoing transition to a new regulatory structure for BDCs.
The CBN stated that the waiver takes effect immediately and applies to all existing operators.
The apex bank also advised any Bureau De Change operator that has already paid the 2025 license renewal fee to apply for a refund.
Applications for refunds should be directed to the Director, Financial Policy and Regulation Department, CBN, and the refund will be processed to the same account from which the payment was made.
The CBN reiterated its commitment to fostering stability, transparency, and efficiency in the foreign exchange market, stating that the waiver aligns with its broader strategy of ensuring compliance with the revised regulatory framework.
The circular 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 has approved the waiver of the 2025 license renewal fee, effective immediately.
“Any bureau de change that has paid for the 2025 license 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 CBN remains committed to fostering stability, transparency, and efficiency in the foreign exchange market while ensuring that operators align with the revised regulatory framework.”
The move is expected to ease financial pressure on existing operators while encouraging adherence to the new guidelines introduced in 2024.
With recent changes in the foreign exchange market, the waiver signals a shift in the CBN’s approach to regulating the BDC sector.
By removing the non-refundable license renewal fee for 2025, the bank aims to ensure that operators continue to play a vital role in stabilising the market.
The apex bank has, in recent months, pursued reforms aimed at addressing foreign exchange liquidity challenges, improving compliance among operators, and reducing distortions within the sector.
