The Central Bank of Nigeria (CBN) has granted an immediate waiver for the 2025 licence renewal fee for Bureau De Change (BDC) operators.
This is in accordance with the current shift to the new BDC regulatory framework as well as the Regulatory and Supervisory Guidelines for Bureau De Change Operations in Nigeria, 2024.
This disclosure is contained in a circular signed by the CBN’s Acting Director Financial Policy and Regulation Department, John Onojah, where he advised any BDC operator that paid the 2025 licence renewal fee should apply for a refund to its account from which the payment emanated.
The apex bank in the circular said it remains committed to fostering stability, transparency, and efficiency in the foreign exchange market while ensuring that operators align with the revised regulatory framework.
What the CBN is saying
The circular states, ‘’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.’’
What you should know
Recall that in May 2024, the CBN issued its approved guidelines to regulate the activities of Bureau de Change (BDC) operators in the country.
- In its new circular, the apex bank sets the minimum capital base for Tier-1 BDCs at N2 billion and that for Tier-2 at N500 million. Also, the mandatory caution deposit of N200 million for tier-1 BDC licence holders was removed, while the N50 million for tier-2 licence holders was waived.
- In the circular to BDCs, CBN said the approved guidelines take effect from June 3, 2024.
- The apex bank directed existing BDCs to reapply for new licenses and meet the minimum capital requirements for the license category applied for within six months from June 3, 2024.
- The CBN had banned BDC operators from street trading, international outward transfers, financing political activities, dealing in gold or other precious metals, and dealing in crypto assets or any other virtual assets, among other things.
Once a transaction exceeds $500 USD, the CBN mandated that BDCs use digital channels.
