The Central Bank of Nigeria (CBN) has waived the 2025 licence renewal fee for all Bureaux De Change (BDC) operators in the country.
The waiver which takes immediate effect was conveyed to the foreign exchange (FX) traders in a circular issued by the apex bank’s Director of the Financial Policy and Regulation Department, Mr. Jonah Onojah.
It 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 (CBN) has approved the waiver of 2025 licence renewal fee, effective immediately.
“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 CBN remains committed to fostering stability, transparency, and efficiency in the foreign exchange market while ensuring that operators align with the revised regulatory framework”, it added.
It would be recalled that the monetary authorities had on May 22, 2024 approved new guidelines for BDC operations to improve compliance with FX regulations.
The CBN stated in the guidelines that all existing BDC operators were to re-apply for a new licence according to any of the tiers or licence categories of their choice.
The apex bank stated that the regulatory guidelines on the unofficial FX market were part of its efforts to re-position the BDC market for improved roles in the nation’s FX market.