In a bid to streamline operations and foster stability in Nigeria’s foreign exchange market, the Central Bank of Nigeria (CBN) has waived the N250,000 annual licence renewal fee for Bureau De Change (BDC) operators for the 2025 financial year. This decision aligns with the 2024 Regulatory and Supervisory Guidelines for Bureau De Change Operations and is part of the ongoing transition to a new BDC regulatory structure. The waiver takes effect immediately, and BDCs that have already paid for the 2025 licence renewal are eligible for a refund.
The CBN also extended the deadline for BDC operators to comply with new recapitalisation requirements. The deadline was pushed from December 3, 2024, to June 3, 2025, in response to low compliance levels. Tier-1 BDCs are required to raise a minimum of N2 billion in capital, while Tier-2 BDCs must raise N500 million. These new requirements are designed to ensure that the BDC sector plays a more significant role in Nigeria’s foreign exchange market.
As part of the revised regulations, the CBN introduced new licensing categories and operational guidelines for BDCs. Tier-1 BDCs will operate nationally, while Tier-2 BDCs will be restricted to one state. The CBN also outlined stringent requirements for corporate governance, financial conditions, and compliance with anti-money laundering standards. The new rules are aimed at increasing transparency and efficiency in the sector.
Source: THE NATION