CBN Waives 2025 License Renewal Fee for BDC Operators

In a bid to ease financial pressures on Bureau De Change (BDC) operators, the Central Bank of Nigeria (CBN) has announced that it will waive the non-refundable annual license renewal fee for the year 2025. This decision, communicated through a circular dated January 24, 2025, aligns with the ongoing transition to a new regulatory framework for BDC operations. The move is expected to help streamline foreign exchange market operations while ensuring stability and transparency.

The waiver is part of the CBN’s broader strategy to implement the new “Regulatory and Supervisory Guidelines for Bureau De Change Operations in Nigeria, 2024.” By relieving operators of this financial obligation, the CBN aims to support the transition and encourage compliance with the revised guidelines. BDC operators who have already paid the 2025 renewal fee can apply for a refund, as per the circular.

This initiative is seen as a positive development by the financial community, with operators expressing relief. It signals the CBN’s commitment to fostering a more efficient and stable foreign exchange market while reducing the financial burden on BDC operators during a period of regulatory change.

Source: BUSINESS DAY