In a landmark decision aimed at alleviating the financial challenges faced by Bureau De Change (BDC) operators in Nigeria, the Central Bank of Nigeria (CBN) has announced the waiver of the 2025 licence renewal fee. This move is set to provide significant relief to the sector, promoting greater stability and operational flexibility for BDC operators nationwide.
The CBN, in a statement released today, confirmed that the waiver will cover the renewal fees for the upcoming year. The decision reflects the Central Bank’s commitment to supporting the financial sector and ensuring that BDCs remain vital players in Nigeria’s foreign exchange market.
This decision is part of ongoing efforts by the CBN to strengthen the Bureau De Change industry, boost market confidence, and promote financial inclusion across the country.
The waiver is expected to ease the financial burden on operators who have faced operational challenges due to fluctuating market conditions and the ongoing economic situation in Nigeria.
Commenting on the development, Godwin Emefiele, Governor of the Central Bank of Nigeria, stated, "This waiver underscores our commitment to sustaining a robust foreign exchange market and supporting businesses that play a critical role in our economy. By waiving the renewal fee, we aim to provide BDC operators with the necessary resources to continue contributing to the financial system, ensuring that they are better equipped to meet the needs of their customers."
The Central Bank further emphasized that this waiver is part of a broader strategy to ensure a transparent, stable, and competitive foreign exchange market in Nigeria. The CBN has encouraged BDC operators to continue adhering to best practices, maintain proper regulatory compliance, and contribute to the growth of the Nigerian economy.