In a major policy shift, the Central Bank of Nigeria (CBN) has scrapped the mandatory license renewal fee for Bureau De Change (BDC) operators for 2025.
The decision aligns with ongoing regulatory reforms in the forex sector and facilitates financial pressure on existing operators.
Announcing the waiver in a circular dated January 24, 2025, CBN’s Acting Director of Financial Policy and Regulation, John Onojah, stated that the move is part of the transition to a revised regulatory framework introduced in 2024.
For BDC operators who had already paid the renewal fee, the apex bank has directed them to request refunds, which will be processed back to the original payment accounts.
This recent development is part of CBN’s broader strategy to restructure Nigeria’s foreign exchange market, promote compliance, and ensure transparency in currency trading.
Recent policy adjustments have focused on addressing liquidity challenges and reducing irregularities within the sector.
This waiver follows a series of forex market reforms by the CBN, reinforcing its commitment to improving financial stability and creating a more structured regulatory environment for currency exchange operators in the country.