The Central Bank of Nigeria (CBN) has waived the 2025 licence renewal fee for all bureau de change (BDC) operators in the country.
Jonah Onojah, the director of the department in charge of financial policy and regulation, announced on Friday that the waiver went into effect immediately.
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.
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.
TimesNow.com.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 TimesNow.com.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.
Source: TimesNow.com.ng
