Bureau de Change (BDC) operators have lauded the Central Bank of Nigeria (CBN) for waiving the 2025 licence renewal fees, describing the move as a welcome relief for the sector.
Speaking on behalf of the operators, the President of the Association of Bureau de Change Operators of Nigeria (ABCON), Aminu Gwadabe, commended the apex bank’s decision during an interview with the News Agency of Nigeria (NAN) in Lagos on Wednesday.
Gwadabe acknowledged the waiver as a form of amnesty for BDC operators and said it reflects the CBN’s commitment to implementing the new financial capitalisation requirements. Under the new guidelines, Tier 2 operators must have a minimum capital base of N500 million, while Tier 1 operators must meet a N2 billion threshold.
He urged BDC operators to consider mergers to meet the capital requirements before the extended deadline of June 2025.
“We remain committed to collaboration, compliance, and adherence to regulations,” he stated.
Gwadabe also praised the CBN’s introduction of the Nigeria Foreign Exchange (FX) Code, which aims to promote ethical practices in the market. He highlighted that the initiative would tackle issues such as transaction opaqueness, rate undercutting, and delays in reporting spot transactions.
However, he raised concerns that banks have failed to comply with the CBN’s directive to sell dollars to BDC operators since September 2024, despite the positive impact of the announcement on the market.
According to NAN, the CBN approved the waiver of the 2025 annual licence renewal fee for all existing BDC operators on Tuesday in Abuja. The directive, which took immediate effect, was issued as part of the implementation of the 2024 Regulatory and Supervisory Guidelines for Bureau de Change Operations in Nigeria.
As a self-regulatory body, ABCON plays a vital role in the retail foreign exchange sector, serving as a bridge between regulators and security agencies. Gwadabe reaffirmed the association’s commitment to ensuring that BDC operators facilitate effective and transparent forex transactions, which are essential for the smooth functioning of the FX market.
“We remain dedicated to cooperation, compliance, and regulatory adherence,” he reiterated.
Credit: NAN (Text Excluding Headline)
