The Central Bank of Nigeria (CBN) has announced a waiver of the 2025 licence renewal fees for all bureaux de change (BDC) operators, a move aimed at fostering stability and efficiency in the foreign exchange market.

Jonah Onojah, director of the financial policy and regulation department, disclosed the decision on Friday, emphasizing that the waiver takes immediate effect.

“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,” the statement read.

The CBN urged operators who have already paid for the 2025 renewal to apply for a refund by contacting the financial policy and regulation department.

In May 2024, the CBN introduced new guidelines for BDC operations, requiring operators to re-apply for licences under the newly defined tiers or categories. This restructuring aims to reposition the BDC market to play a more significant role in Nigeria’s foreign exchange landscape.

The bank reaffirmed its commitment to improving compliance, transparency, and oversight within the foreign exchange market while supporting operators as they adapt to the updated regulatory framework.

The waiver and reforms are expected to ease financial pressure on BDC operators and enhance the overall efficiency of foreign exchange operations in Nigeria.