CBN waives license renewal fee for BDCs

This decision, effective immediately, aims to ease the financial obligations of operators in the foreign exchange sector.

In a statement signed by the acting director of the financial policy and regulation department, John S. Onojah and dated today, CBN emphasized its commitment to fostering stability, transparency, and efficiency in the forex market.

Addressed to BDC operators and financial industry stakeholders, the circular outlined that the waiver aligns with the ongoing transition to the new regulatory structure, as detailed in the “Regulatory and Supervisory Guidelines for Bureau De Change Operations in Nigeria, 2024.”

“This is to inform all existing bureau 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 has approved the waiver of the license renewal fee, effective immediately.”

This initiative provides financial relief for BDC operators, enabling them to focus resources on adapting to the revised regulatory framework.

One operator, speaking anonymously said, “This is a welcome development. By waiving the renewal fee, the CBN is not only reducing financial pressure on BDC operators but also reinforcing its dedication to supporting stability in the forex market.”

For operators who have already paid the renewal fee, the CBN has made provisions for refunds by applying to the financial policy and regulation department for reimbursement.

“Any bureau de change that has paid for the license 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 originated.”

This move underscores the CBN’s broader strategy to ensure a more robust and efficient foreign exchange system in Nigeria.