CBN Waives 2025 Licence Renewal Fees for Bureau De Change Operators
The Central Bank of Nigeria (CBN) has announced an immediate waiver of the 2025 licence renewal fees for Bureau De Change (BDC) operators. This decision is part of the implementation of the Regulatory and Supervisory Guidelines for BDC Operations in Nigeria, set for 2024, along with the transition to a new regulatory framework for BDCs.
A circular signed by the Acting Director of the CBN’s Financial Policy and Regulation Department, John Onojah, details the new measures. The circular also encourages any BDC operator who has already paid the 2025 licence renewal fee to request a refund to the account from which the payment was made.
In the circular, CBN reaffirmed its commitment to enhancing stability, transparency, and efficiency within the foreign exchange market, while ensuring that BDC operators comply with the updated regulatory standards.
“The Central Bank of Nigeria (CBN) has approved the waiver of the 2025 licence renewal fee, effective immediately,” the circular states. “Any bureau de change that has paid for the renewal is advised to apply to the Director, Financial Policy and Regulation Department for a refund.”
Further context reveals that in May 2024, the CBN introduced guidelines to regulate BDC operations across the country. Under the new regulations, the minimum capital requirement has been set at N2 billion for Tier-1 BDCs and N500 million for Tier-2 BDCs. Notably, the mandatory caution deposit of N200 million for Tier-1 BDCs has been eliminated, along with the N50 million deposit for Tier-2 BDCs.
These new guidelines are effective from June 3, 2024. Existing BDCs are required to reapply for new licences and must meet the specified minimum capital requirements for their respective categories within six months of the effective date.
Additionally, the CBN has prohibited BDC operators from street trading, facilitating international outward transfers, financing political activities, and engaging in transactions involving gold or precious metals, as well as cryptocurrencies or other virtual assets. The CBN mandates that transactions exceeding USD500 must be conducted through digital platforms.
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