No More Fees: CBN Cancels Renewal Licence Payment for BDCs in 2025
- The 2025 licence renewal fee for all bureau de change operators has been removed by the CBN
- This occurred after the CBN announced updated guidelines for BDC operators to improve oversight and compliance
- The deadline for recapitalisation of BDC operators was moved from December 3, 2024, to June 3, 2025 by the CBN
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Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.
The Central Bank of Nigeria (CBN) has waived the 2025 licence renewal fee for all bureau de change (BDC) operators in the country.
Source: Getty Images
Jonah Onojah, the director of the department in charge of financial policy and regulation, announced on Friday that the waiver went into effect immediately.
“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 (CBN) has approved the waiver of 2025 licence renewal fee, effective immediately,” the statement reads.
“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.”
CBN adopted revised standards for BDC activities on May 22, 2024 to enhance compliance and oversight.
According to CBN's guidelines, all current BDCs must reapply for a new license in any of the license categories or tiers of their choosing.
According to CBN, the recommendations are a component of its endeavors to realign the BDC market to fulfill its intended function in Nigeria's foreign exchange market.
CBN extends recapitalisation deadline
Earlier, the Central Bank of Nigeria (CBN) also extended the deadline for the recapitalisation of Bureau of De Change (BDC) operators from December 3, 2024, to June 3, 2025.
The president of the Association of Bureau De Change Operators of Nigeria (ABCON), Aminu Gwadabe, stated this at a virtual emergency meeting by ABCON members.
Gwadabe explained that the apex bank extended the deadline by six months due to operators' low compliance with the recapitalisation requirements.
The meeting was part of the association’s ongoing engagements with the CBN to ensure a smooth recapitalisation process.
The ABCON president thanked CBN for extending the deadline and assured the members that the bank is committed to working closely with them to ensure a seamless process.
According to a BusinessDay report, the recapitalisation deadline applies to existing operators, while new ones seek an indefinite timeline to obtain them.
ABCON sets operating hours for BDC operators
Legit.ng reported that the Association of Bureau De Change Operators of Nigeria (ABCON) has instructed its members to strictly adhere to operational business hours from 8am to 6pm.
In a memo signed by ABCON exco made available to Legit.ng, the association said defaulting members will face disciplinary action.
The association explained that the operating hours align with earlier mandates issued by the Central Bank of Nigeria (CBN) and the National Security Agency (NSA), which require strict compliance with these operational hours to enhance transparency and regulate activities in the retail forex market.
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Source: Legit.ng
