CBN Waives Non-Refundable License Renewal Fees for Bureaux De Change

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The Central Bank of Nigeria (CBN) has announced the waiver of non-refundable annual license renewal fees for all existing Bureaux De Change (BDCs) in the country. This decision was communicated in a circular to BDC operators and stakeholders in the financial services sector. The circular, signed by the Acting Director of the Financial Policy and Regulations Department, John Onojah, states that the waiver applies to the 2025 license renewal fee, effective immediately, in line with the new BDC regulatory framework and the Regulatory and Supervisory Guidelines for BDC Operations in Nigeria, 2024. Additionally, BDCs that have already paid the 2025 license renewal fee are instructed to apply for a refund to the account from which the payment was made. The CBN reiterated its commitment to ensuring stability, transparency, and efficiency in the foreign exchange market while encouraging BDCs to comply with the updated regulatory structure.

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