CBN waives 2025 licence renewal fee for BDC operators
BY TEMITOPE ADEBAYO
The Central Bank of Nigeria (CBN) has waived the 2025 licence renewal fee for all existing Bureau De Change (BDC) operators, with immediate effect. This decision is part of the ongoing implementation of the regulatory and supervisory guidelines for bureau de change operations in nigeria, 2024, and the transition to a revised regulatory framework.
The announcement was made in a circular signed by the Acting Director of the Financial Policy and Regulation Department, John Onojah. The CBN directed any BDC operator who had already paid the 2025 renewal fee to apply for a refund. The refund will be processed to the account from which the payment originated.
The apex bank affirmed its commitment to fostering stability, transparency, and efficiency in the foreign exchange market while ensuring operators align with the new guidelines.
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The waiver follows recent reforms introduced in May 2024, which established a two-tier licensing framework for BDC operators. Tier-1 BDCs now require a minimum capital base of N2 billion, while Tier-2 BDCs must meet a threshold of N500 million. The mandatory caution deposits of N200 million and N50 million for Tier-1 and Tier-2 operators, respectively, were also removed. Existing BDC operators were instructed to reapply for new licences within six months from June 3, 2024, meeting the capital requirements for their respective tiers.
The guidelines also prohibit street trading, international outward transfers, financing political activities, and dealings in gold, precious metals, cryptocurrencies, or virtual assets. Additionally, all transactions above $500 must be conducted digitally.
The CBN’s waiver aims to ease financial pressures on operators and encourage compliance with the updated regulatory framework, which prioritises digitalisation and stronger oversight in the foreign exchange market.
