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  • EXCLUSIVE: Diaspora inflows hit $600m monthly, projected to reach $1bn in 2026

    EXCLUSIVE: Diaspora inflows hit $600m monthly, projected to reach $1bn in 2026

    Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, has revealed that Nigeria’s foreign exchange profile is witnessing a major boost as diaspora remittances surge.

    TheNewsGuru.com (TNG) reports Mr Cardoso disclosed this at the Delta State-Brazil Business and Investment Roundtable in Sao Paulo on Thursday at the Hotel Melia Jardim Europa, Sao Paulo, Brazil.

    The CBN Governor said the monthly inflows have grown from about $200 million to $600 million in the past two months, with projections to hit at least $1 billion by next year.

    He emphasised that the strengthening of the exchange rate and improved remittance channels mean Nigerians abroad no longer need alternative routes to send money home.

    According to him, the rising diaspora flows are diversifying Nigeria’s foreign exchange portfolio and reducing overdependence on oil revenues.

    “Our exchange rate is becoming a lot more competitive. And those who used to feel, especially the diasporans, who used to feel, oh, we have to look for another channel, another means to send our money back home, fine, they no longer have to do so.

    “When we started looking at diaspora flows as a potential source of diversifying our foreign exchange flows, people laughed, and we found that we started off at about $200 million every month.

    “In the last two months, the last count, we had reached $600 million per month. And by next year, we anticipate we will be getting at least $1 billion from our diaspora folks at home.

    “So I am saying this because it is also important to understand that these flows are helping to diversify our foreign exchange portfolio,” Cardoso said.

  • CBN issues fresh directive to fintechs, banks on PoS terminals

    CBN issues fresh directive to fintechs, banks on PoS terminals

    The Central Bank of Nigeria (CBN) has mandated that banks, fintech companies, and other licensed payment operators install GPS tracking on all Point of Sale (PoS) terminals to enhance monitoring of electronic transactions.

    TheNewsGuru.com(TNG) reports that the director of the payments system supervision department Rakiya Yusuf disclosed that the apex bank mandated that all  PoS devices must be equipped with native geo-location services and double frequency GPS receivers for accurate location tracking.

    In the directive dated August 25th, operators are required to register each terminal with a payment terminal service aggregator and provide the precise coordinates of the merchant’s or agent’s business location.

    Every Point of Sale (PoS) machine must capture and transmit its location data at the start of each transaction. Any activity conducted outside a 10-meter radius of the registered business location will be flagged. Additionally, terminals that are not properly geo-tagged will be unable to process payments.

    The CBN has stipulated a 60 day period for all existing devices to be geo tagged, while new terminals must be tagged prior to their certification and activation.

    It stated, “Geo location data must be captured at transaction initiation and included in the message payload as a mandatory reporting field, terminals not directly routed to a PTSA are not permitted to transact.

    “All existing terminals and newly registered terminals must ensure strict adherence always to approved MSC code per sector

    “All existing terminals must be geo tagged within 60 days of this circular; new terminals going forward must be geo tagged before certification and activation.”

    The measures come amid a surge in the use of PoS machines across Nigeria.

    Once considered an alternative, PoS agents have become a central part of the country’s cash economy, handling millions of payments daily as banks cut branch networks and ATMs often run dry.

    But the boom has also created risks, as fraud complaints involving PoS agents have increased, and security officials say kidnappers have, in some cases, forced victims to transfer ransom money through nearby PoS operators to avoid detection.

    The CBN also directed payment companies to adopt a new global standard for transaction messages, known as ISO 20022, by 31 October.

    The standard, developed by SWIFT, is expected to improve the quality of transaction data and make both domestic and cross-border payments more secure and efficient.

    All PoS devices must run on Android version 10 or higher to integrate with the national central switch, which will host the software kit for geolocation monitoring and geofencing.

    It added, “All payment transaction messages exchanged domestically or internationally must be formatted in ISO 20022 in line with CBN and SWIFT specifications.

    “All Institutions shall ensure complete and accurate population of mandatory data elements, including payer/payee identifiers, merchant/agent identifiers, and transaction metadata.

    “All in scope institutions must complete migration activities and be fully compliant not later than October 31.”

    The bank said it would begin compliance checks by 20 October.

  • NECA backs CBN’s sustained tight monetary policy

    NECA backs CBN’s sustained tight monetary policy

    The Nigeria Employers’ Consultative Association (NECA) has commended the Central Bank of Nigeria’s Monetary Policy Committee (MPC) for maintaining a tight policy stance in July 2025.

    NECA’s Director-General, Mr Adewale-Smatt Oyerinde, said on Tuesday that the move was necessary to consolidate economic gains and support long-term macroeconomic stability.

    Oyerinde noted that the MPC retained the Monetary Policy Rate (MPR) at 27.5 per cent, while keeping the Cash Reserve and Liquidity Ratios unchanged.

    He said the decision aligned with current economic realities and reaffirmed the Bank’s resolve to sustain macroeconomic discipline.

    He described the move as timely and critical, aimed at safeguarding progress in inflation control, currency stability, and restoring investor confidence.

    “Inflation eased from 24.48 per cent in January to 22.22 per cent in June 2025. Capital inflows rose, and the Naira recorded marginal appreciation.

    “These improvements, though positive, are still fragile. The MPC’s steady, data-informed approach offers reassurance to investors and the private sector,” Oyerinde stated.

    He, however, cautioned about persisting risks, including a 19.9 per cent year-on-year rise in money supply and ongoing banking sector recapitalisation.

    “A premature policy loosening could reverse recent progress and endanger broader economic stability,” he warned.

    Oyerinde stressed the need to strengthen policy buffers against global threats, such as rising global interest rates and unstable commodity prices.

    He renewed NECA’s call for a technical adjustment to the asymmetric corridor around the MPR to improve credit conditions.

    According to him, such an adjustment could inject liquidity into key sectors like SMEs and manufacturing without compromising inflation control.

    He urged the CBN and MPC to adopt a dual approach: preserving price stability while boosting access to credit for productive enterprises.

    “It is vital to pair monetary tightening with investment-friendly policies, including job creation and sustainable economic growth,” he said.

    He added that this should involve expanding credit schemes, easing regulatory burdens, and improving forex access for manufacturers.

    Oyerinde reaffirmed NECA’s backing of the MPC’s cautious stance, while encouraging future support for the real economy.

    “As we enter Q3 and Q4, we urge policy consistency and readiness to act if disinflation continues and global threats recede,” he said.

  • CBN Gov gives reason for decline in headline inflation

    CBN Gov gives reason for decline in headline inflation

    Mr Yemi Cardoso, Governor of the Central Bank of Nigeria (CBN), has attributed the decline in headline inflation in June to moderation in energy prices and stability in the foreign exchange market.

    Cardoso said this on Tuesday in Abuja while presenting a communiqué from the 301st meeting of the apex bank’s Monetary Policy Committee (MPC).

    He noted, however, that there was an uptick in month-on-month headline inflation, suggesting the persistence of underlying price pressures.

    According to him, continued global uncertainties associated with tariff wars and geopolitical tensions can further exacerbate supply chain disruption and exert pressure on the prices of imported items.

    “Members also noted the continued stability in the banking system, evidenced by the stable Financial Soundness Indicators (FSIs), which would further be supported by the ongoing banking recapitalisation exercise,” he said.

    He added that eight banks had fully met the recapitalisation requirements, while others are making progress toward meeting the deadline.

    “The MPC, thus, urged the management of the CBN to sustain its oversight of the banking system to ensure continued resilience, safety, and soundness of the financial system.

    “Regarding price and other domestic developments, headline inflation (year-on-year) declined to 22.22 per cent in June from 22.97 per cent in May, primarily driven by the moderation in energy prices, especially cooking gas, wood charcoal, and diesel.

    “Food inflation (year-on-year), however, rose to 21.97 per cent in June from 21.14 per cent in May, attributed mainly to the increase in the cost of processed food.

    “Core inflation, that is, all items less farm produce and energy, also increased to 22.76 per cent in June from 22.28 per cent in May,” Cardoso stated.

    He said that this reflected an uptick in the cost of Information and Communication, Housing and Utilities, and Personal Care and Social Services.

    According to him, on a month-on-month basis, headline inflation rose to 1.68 per cent from 1.53 per cent, largely due to increases in the price of services and imported food.

    He also said that the MPC acknowledged the efforts of the Federal Government in improving security and its impact on food production.

    “Members urged the government to continue its support toward the timely provision of high-yield seedlings, fertilisers, and other critical inputs for the current farming season,” he said.

    The MPC had earlier announced the retention of the Monetary Policy Rate (MPR) at 27.5 per cent. All 12 MPC members present at the meeting also voted unanimously to hold all key monetary parameters constant.

    The committee also retained the Cash Reserve Ratio (CRR) at 50 per cent for deposit money banks and 16 per cent for merchant banks. It also retained the liquidity ratio at 30 per cent and the Asymmetric Corridor at +500/-100 basis points.

  • CBN maintains lending rate at 27.5%

    CBN maintains lending rate at 27.5%

    The Central Bank of Nigeria (CBN) has, once again, kept its key lending rate, known as the Monetary Policy Rate (MPR), at 27.5 per cent.

    The Governor of CBN, Yemi Cardoso, announced the decision on Tuesday in Abuja, following the 301st Monetary Policy Committee (MPC) meeting.

    Cardoso said that all 12 MPC members voted unanimously to hold all key monetary parameters.

    The committee, thus, retained the cash reserve ratio at 50 per cent for deposit money banks and 16 per cent for merchant banks.

    It also retained liquidity ratio at 30 per cent, and the asymmetric corridor was held at +500/-100 basis points around the MPR.

    With this decision, the MPC has retained the rates for three consecutive meetings.

  • Appeal Court upturns N579bn stamp duty payment case in CBN’s favour

    Appeal Court upturns N579bn stamp duty payment case in CBN’s favour

    The Court of Appeal in Abuja on Wednesday, reversed the Federal High Court (FHC) judgment that ordered the Central Bank of Nigeria (CBN) to pay Kasmal International Services N579 billion for its involvement in stamp duty collection.

    Justice Adebukola Banjoko, while delivering the majority judgment, agreed with the CBN’s argument that the company had no legal right to have been engaged by the Nigerian Postal Service (NIPOST) from the outset.

    NAN reports that Justice Inyang Ekwo of FHC had, on Oct. 11, 2024, ordered the apex bank to pay N579,130,698,440 interest to Kasmal within a specified period.

    The judge also ordered the payment of a 10 per cent annual interest rate on the judgment sum from Jan. 1, 2015, to Jan. 31, 2020.

    Justice Ekwo had ruled that the CBN had paid Kasmal a total of N10.3 billion, representing 15 per cent of remitted stamp duties by all Deposit Money Banks (DMBs) between Jan. 1, 2015 and Jan. 31, 2020, via the CBN NIPOST Stamp Duty Collection Account No. 3000047517.

    He held that the CBN could not backtrack from its contractual agreements with Kasmal and NIPOST.

    Kasmal’s lawyer, Alex Izinyon, SAN, argued that his client was appointed by NIPOST to represent it in the collection of a N50 charge on all receipts issued by any bank or financial institution as acknowledgment of services rendered for electronic transfers and teller deposits of N1,000 and above, in compliance with the Stamp Duties Act and the Nigerian Financial Regulations 2009.

    In the CBN and Attorney General of the Federation (AGF)’s 17 reasons listed in their notice of appeal dated Oct. 24, 2024, Chief Niyi Akintola expressed dissatisfaction with the lower court ruling.

    Akintola contended that lower court “erred in law,” requiring the Appeal Court to intervene.

    The appellants further argued that “the alleged funds Kasmal International seeks to recover were public monies, “which are part of the Federation Account governed by the provisions of Section 162 of the 1999 Constitution (as amended).”

    He maintained that, regardless of any previous mismanagement, stamp duties should be paid into the Federation Account and shared among the three tiers of government.

    Izinyon opposed the appeal by the CBN, insisting on the contractual agreement his client had with NIPOST.

    Delivering judgment on Wednesday in 2/1 ratio, Justice Banjoko held that in the final analysis, the appellate court firmly concluded that the 1st respondent (Kasmal) lacked the requisite locus standi (legal authority) to initiate the suit or claim any lawful entitlement or commission.

    “The suit as constituted is fundamentally defective,” she said, adding that the appeal (by CBN and AGF) is allowed and the judgment of the lower court is set aside in its entirety.

    “Similarly, you cannot give what you don’t have,” she stated.

    She stressed that the lower court “erred in declaring Kasmal’s entitlement to the said commission when in law, there was no legal contract ab initio (from the beginning) between first respondent (Kasmal) and NIPOST.”

    The court further concluded that NIPOST had no statutory authority to manage or collect stamp duties and cannot delegate powers it did not have to Kasmal.

    In his dissenting judgement of 88 pages, Justice Okong Abang said he found it extremely difficult to agree with the majority judgement that the transaction in question was illegal.

    ” My conscience will not allow me if I should follow the majority,” he said.

    Abang further stated by the ratification of the contract by the AGF and payment of N10.3 billion, he must “now be estopped from keeping the proceeds meant for the 1st respondent(Kasmal ).

    “The doctrine of unjust enrichment frowns at a party who uses the law to retain the benefit conferred by another without offering compensation.”

    He held that the appeal lacked merit and ought to be dismissed and proceeded to dismiss the appeal.

    NAN reports that stamp duty is an indirect tax imposed on several financial transactions.

    In 2023, the former CBN Governor, Godwin Emefiele, revealed that total revenue collected as stamp duty on behalf of the Federal Government from 2016 to 2022 was N370.686 billion.

    Kasmal had approached the FHC to determine its percentage share under its agreement with relevant agencies, particularly NIPOST.

  • CBN makes clarifications on non-resident BVN platform

    CBN makes clarifications on non-resident BVN platform

    Central Bank of Nigeria (CBN) has clarified recent speculations regarding charges related to the newly launched Non-Resident Bank Verification Number (NRBVN) platform.

    In a statement by Acting Director of the Corporate Communications Department, Mrs Hakama Sidi-Ali, the apex bank affirmed that no hidden fees have been introduced.

    Sidi-Ali said that the BVN enrolment for Nigerians residing within the country remained entirely free of charge.

    According to her, the fee referenced in the reports applies solely to the recently launched Non-Resident BVN (NRBVN) initiative, a service designed specifically for Nigerians living in the Diaspora.

    “The nominal charge of approximately 50 dollars is not a fee for obtaining a BVN, but a recoverable processing cost for remote biometric and due diligence verification.

    “This cost covers secure identity authentication, data handling and technology infrastructure required to support the overseas enrolment process.

    “Nigerians in the Diaspora previously paid 200 dollars. The associated fee of 50 dollars is strictly aprocessing charge for remote verification and not a payment for the BVN itself,” she said.

    She said that the NRBVN system was a voluntary, secure and convenient solution for Nigerians in the diaspora.

    The CBN spokesperson described the reports circulating on social media as suggesting the imposition of new or excessive charges on Nigerians as inaccurate and misleading, and should be disregarded.

    “The NRBVN is more than just a one-time initiative; it forms the foundation of the Bank’s broader digital transformation strategy aimed at improving and expanding access to financial services for Nigerians globally.

    “The platform, launched in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS), marks a transformative step in enabling Nigerians living overseas to obtain a Bank Verification Number remotely.

    “With this system, Nigerians can access banking services from anywhere, saving time and travel costs while ensuring safe and secure transactions,” she said.

    Sidi-Ali said that the NRBVN solution would eliminate barriers by providing a faster, more efficient alternative that aligns with global best practices in digital identity management.

    She urged the public to verify all information related to the NRBVN through the CBN and NIBSS’ official communication channels.

  • Naira gains N3.42 against Dollar as IMF hails CBN fx reforms

    Naira gains N3.42 against Dollar as IMF hails CBN fx reforms

    The Naira on Wednesday gained N3.42 against the dollar, trading N1526.15 at the official market amid commendation by the International Monetary Fund (IMF).

    Data obtained from the website of the Central Bank of Nigeria (CBN) showed that the Naira appreciated by 0.22 per cent.

    The local currency traded on Tuesday at N1,529.57 to a dollar.

    Meanwhile, the IMF in its 2025 Article IV Consultation report on Nigeria, has praised CBN on its reforms on foreign exchange (forex) market, which supported price discovery and liquidity.

    IMF said the reforms to the forex market and foreign exchange interventions (FXIs) had brought stability to the Naira.

    It explained CBN’s measures had curbed forex volatility and improved transparency and market integrity.

  • Fiscal Responsibility Act: HoR committees invite Finance Minister, CBN Gov over audit reports and noncompliance

    Fiscal Responsibility Act: HoR committees invite Finance Minister, CBN Gov over audit reports and noncompliance

    The Joint House of Representatives Committee on Public Account and Public Assets have invited the Minister of Finance, Chief Adebayo Olawale Edun and Governor of Central Bank of Nigerian, Dr Olayemi Cardoso to appear before it over allegations of non-compliance with the provisions of Fiscal Responsibility Act 2007 as well as internal control weaknesses identified in the 2021 reports by the Auditor General for the Federation.

    In a letter signed jointly by the Chairmen, House Committee on Public Accounts , Rep. Bamidele Salam and Chairman Committee on Public Assets Ademorin Kuye, the committees asked the Finance Minister and CBN Governor to provide details on remittance of operating surplus to the Federation Account by the apex bank in line with the provisions of relevant laws and regulations.

    The Fiscal Responsibility Commission and the Auditor General for the Federation have submitted reports alleging that several Ministries, Departments and Agencies of the Federal Government including the CBN have failed to remit or under remitted their operating surplusses as required by extant financial laws and regulations in the last six years.

    According to the Public Accounts Committee Chairman, “these violations have negatively impacted the liquidity of the federal government and constitute a hindrance to effective implementation of the budgets passed by parliament.”

    The Committes said it had given both the Finance Ministry and the apex bank ample opportunity to reconcile their accounts and present their positions in order to determine the degree of financial liabilities involved, hence the need for a final hearing to resolve the issues.

    The Committee is equally looking at a report in the Auditor General for the Federation statutory report which suggests that a number of Public assets which had been fully paid for have not been completed and put into use for many years.

    “Some of these projects in Dutse, Abeokuta and other locations were awarded between 2011 and 2016 but yet to be completed according to audit reports”

  • CBN debunks BDC recapitalisation deadline shift

    CBN debunks BDC recapitalisation deadline shift

    The Central Bank of Nigeria (CBN) has debunked a news story circulating that suggested it had extended the deadline for the recapitalisation of Bureau De Change (BDC) operators to Dec. 31.

    In a statement on Wednesday, Mrs Hakama Sidi Ali, CBN Acting Director, Corporate Communications Department, described the information as false and misleading, stating that it should be disregarded.

    According to her, the bank has not granted any such extension beyond the previously communicated deadline of June 3.

    She urged the general public, journalists, media platforms, and all stakeholders to consistently verify information directly from official CBN sources.

    She said such sources include the CBN website and authorised communication channels, before publishing or sharing news about the Bank and its regulatory directives.

    “The CBN remains committed to ensuring transparency, stability, and compliance in the foreign exchange market and will continue to engage with all relevant stakeholders in accordance with its statutory mandate,” Sidi Ali said.

    As part of the revised framework introduced in February 2024, BDCs are required to meet new minimum capital requirements: N2 billion for Tier-1 and N500 million for Tier-2 operators.

    CBN in May 2024 issued new operational guidelines for BDCs, effective June 3, 2024, directing all existing BDCs to reapply for new licenses.

    BDCs with Tier 1 licenses were expected to have a capital base of N2 billion, while those with Tier 2 licenses needed N500 million, with non-refundable license fees of N5 million and N2 million, respectively.

    Both Tier 1 and Tier 2 BDCs were given six months to meet the minimum capital requirement for the license category applied for.

    The apex bank later extended the recapitalisation deadline by an additional six months for BDC operators to meet the new capital threshold by June 3.