Tag: CBN

CBN

  • Court dismisses £990trn suit filed against CBN

    Court dismisses £990trn suit filed against CBN

    The Federal High Court in Abuja, on Wednesday, dismissed a 990 trillion pounds suit filed by a claimant, Mr Tunde Omosebi, against the Central Bank of Nigeria (CBN) for being incomprehensible.

    Justice James Omotosho, in a judgment, also held that the suit filed by Omosebi to seek redress over alleged breach of his fundamental rights, failed to disclose any reasonable cause of action against CBN and other defendants.

    Justice Omotosho, therefore, gave an order restraining Omosebi from filing any suit or process except same is filed by a legal practitioner or accompanied by a medical clearance from chief medical officer of National Hospital attesting to his state of mind and sanity.

    The judge also gave an order restraining all the registries of the Federal High Court of Nigeria from accepting any process from the claimant for purpose of filing except same is done by a legal practitioner or accompanied by a medical clearance from chief medical officer of National Hospital attesting to his state of mind and sanity.

    “This suit is hereby dismissed for not being a fundamental rights suit, for lack of reasonable cause of action against any of the defendants and for being incomprehensible,” he declared.

    Omosebi had, in the originating motion, sued the CBN Governor, Mr Olayemi Cardoso, as 1st defendant. He also joined the Chairman/Chief Executive Officer (CEO) of United Bank for Africa (UBA) Plc, Guarantee Trust Bank (GTB) Plc, Zenith Bank Plc respectively as 2nd to 4th defendants.

    Omosebi equally sued the Senate President, Godswill Akpabio, and House of Representatives’ Speaker, Tajudeen Abbas, as 5th to 6th defendants in the suit marked: FHC/ABJ/CS/766/2024.

    In the originating motion dated June 5, 2024, but filed Jan. 29, the claimant sought six reliefs.

    Omosebi prayed that “an order be entered for the sum of 990 trillion pounds for traumatic torture and Enforcement of Fundamental Rights Rule, 2009 as guaranteed by the Constitution.

    “An order be entered that converts CENTRAL BANK OF NIGERIA to RESERVE BANK OF NIGERIA as guaranteed under SEC 212 of CRIMINAL CODE OF NIGERIA BANKS.

    He also sought 10 per cent interest on the total recoverable amount and N5million cost of suit.

    The claimant, in the course of proceedings, joined more defendants in his suit without the leave of court.

    Omosebi, who referred to himself as “His Majesty,” a businessman and a politician in the statement attached to the application, also said he was as “the Chairman, Federal Executive Council, and Prime Minister of Federal Republic of Nigeria.”

    He said he gets paid based on his role, projects and contracts executed by his businesses, investments portfolio as contained in the corporate resolution.

    “At the trial of this suit, the applicant shall rely on the terms of the corporate resolution and schedule of distribution,” he said.

    Omosebi alleged that the defendants breached the assembly industrial agreement/arrangement, denied his Fundamental Right (Enforcement Procedure) Rule 2009, Sections 35, 43, 45 and Fundamental Objectives and Directives of State Policy 14(2)(b) and 16(1)(a-b).

    According to him, approximately four years ago, the applicant opened and operates few corporate and personal accounts with defendants 2 with aim of managing these finance per the constitution.

    In a preliminary objection by the CBN governor’s lawyer, Favour Maikano, the lawyer argued that the court lacked jurisdiction to entertain the matter as the claimant had failed to disclose cause of action against her client.

    She said the suit was bereft of facts, hence, it was incompetent.

    The UBA, GTB, Zenith Bank, including the Senate President and the House speaker in their respective submissions, urged the court to dismiss the suit for failure to disclose cause of action against them.

    They argued that the claimant lacked the locus standi to sustain the action for the failure to disclose cause or reasonable cause of action against them.

    Delivering the judgment , Justice Omotosho held that two issues for determination “are whether the suit is competent or not and whether it discloses any reasonable cause of action.”

    He said in considering whether the claims of the plaintiff fell within Chapter 4 of the Constitution, the court looked critically at the reliefs to decipher if it really constituted fundamental right breach or not.

    “This court painstakingly read the reliefs and all the processes of the plaintiff and the more the court read, the more the court became confused as to what exactly the plaintiff was claiming.

    “There is no mention of the financial irregularities committed by the banks sued as defendants, including 1st defendant.

    “There is also no ground made out for the order to convert the ist defendant to the Reserve Bank of Nigeria neither is there anything to show why the other banks should be converted to DRIG Bank with the Corporate Affairs Commission,” he said.

    He said the court thoroughly researched the meaning of DRIG Bank without any result.

    “The court also researched if there was any legislation like Criminal Code of Nigeria Banks. It is clear that these reliefs do not relate to breach of fundamental rights.

    “Thus, this suit is incompetent as constituted as the claims and processes of the plaintiff do not make out a case for breach of fundamental rights,” he said.

    Looking at the second issue, the judge observed that a reasonable cause of action is a claim with some chances of success.

    According to him, it does not connote a watertight claim but one which when considered critically raises some legal questions for the court to answer.

    “Usually, courts do not bother themselves with academic suits but on cogent and reasonable suits. Where the cause of action is unreasonable, the court automatically loses its jurisdiction,” he said.

    The judge said a look Omosebi’s processes revealed he suffered no injury as a result of the CBN’s actions.

    “There Is nothing to show that the monetary policy of the 1st defendant affected him in any way, He has also not disclosed if his money was misappropriated by any of the defendants. The suit as a whole is simply a figment of the plaintiff’s imagination.

    “The entire processes are incomprehensible as it does not link any of the defendants to him in anyway,” he said.

    Besides, Justice Omotosho held that Omosebi also failed to provide any evidence to establish that he indeed operated few corporate and personal accounts with the defendants.

    “Also he did not place before the court how the defendants denied him access to the accounts. There is clearly no cause of action disclosed by the plaintiff against any of the defendants,” he said.

    Commenting on Omosebi’s behaviour, the judge said he observed that the plaintiff filed the suit on June 5, 2024 with only seven defendants and six reliefs.

    “On the July 10, 2024 the plaintiff filed a motion on notice where he added the Corporate Affairs Commission as 8th defendant and sought for nine reliefs without the leave of court.

    “Subsequently, on Nov. 17, 2024 the plaintiff filed a motion ex-parte where the defendants became 57 in number, including all the airlines operating in Nigeria, and further increased the reliefs to 19 from the original six reliefs,” he said.

    According to the judge, the plaintiff is simply trying to turn the rules of the court on its head through his confused and absurd amendment which are made without seeking leave of court to do so.

    “I observed that the plaintiff is not in the right frame of mind as expected of a reasonable person. He is psychologically imbalanced and not fit to present his case if any in court.

    “This court is a place of serious business and has no time to entertain frivolous and confusing suits. The time of this court is very precious and its docket is full of serious cases.

    “This court will therefore not waste any of its judicial time on a frankly incomprehensible suit filed by the plaintiff,” the judge said.

    Justice Omotosho also observed that Omosebi, in another suit filed against former Vice President Atiku Abubakar and others, equally exhibited the same behaviour.

    He said he observed that in the suit, he listed the address of the former vice president to be National Assembly Compkex, even when Atiku had never been a lawmaker.

    “The applicant claimed to be the Chairman of the Federal Executive Council as well as Prime Minister of Nigeria.

    “It is common knowledge that the chairman of the Federal Executive Council is the President of the Federal Republic of Nigeria which at this moment is President Bola Ahmed Tinubu.

    “Furthermore, Nigeria does not have Prime Minister, thus the applicant is occupying a nonexistent position,” he said.

    Justice Omotosho described the act as “a typical summersault which the applicant has become notorious for.”

    “This plaintiff must be prevented from filing these frivolous suits except he can present a certificate showing that he is psychologically normal or if he files through a verified legal practitioner,” the judge said.

    It was observed that after the judge delivered the judgement, two senior advocates, who were in court for another matter, commented on the development.

    Mr Ikechukwu Ezechukwu, SAN, in his reaction, said he had never seen such a case before.

    “It gives me a reminder of Onitsha Market literature we read when we were small. I thank my lord for taking time to reading through this  trash,” he said.

    Ezechukwu, however, hailed the decision of the judge to bar Omosebi from further instituting suits personally any longer.

    Mr Sanusi Musa, SAN, said he would have called on the Nigerian Bar Association (NBA) to take action against the lawyer that filed the suit if it was a legal practitioner.

    “I was thinking who is this that filed this suit. This however calls for action that a fellow Nigerian is sick and lacks family support He is coming to ask before my lord the money that is more that the budget of Nigeria,” he said.

    Musa, however, suggested that the suit be sent to the National Assembly as a case study on the need to amend the nation’s law to guard against the filing of frivolous cases.

    “It serves as a case of retrospection as this suit should be sent to National Assembly for them to know that the law needs to be amended so that no nonsense suit is brought to the court, looking at the time my lord took to study and write the judgment,” he said.

  • Another headache for Emefiele as EFCC files fresh charges over 753 Abuja housing units

    Another headache for Emefiele as EFCC files fresh charges over 753 Abuja housing units

    The Economic and Financial Crimes Commission has filed fresh charges against the embattled former governor of the Central Bank of Nigeria, Mr Godwin Emefiele.

    The charges, filed before a High Court of the Federal Capital Territory in Abuja, allege that Emefiele unlawfully acquired a housing estate comprising 753 units, and allegedly stole and controlled billions of naira in proxy accounts.

    The EFCC, in the charge marked CR/350/25 and dated Friday, May 30, 2025, accused Emefiele of colluding with one Eric Ocheme, who is reportedly at large, to acquire the property and monies.

    The property is stated to be located at Plot 109, Cadastral Zone C09, Lokogoma District, FCT, Abuja.

    It spans 150,462.86 square metres and comprises 753 housing units.

    The EFCC previously recovered the estate from an unnamed former senior government official and obtained a forfeiture order on the property from the Federal Capital Territory High Court in Apo, Abuja.

    Emefiele, through his lawyer, A.M. Kotoye (SAN), filed a motion as an interested party in the case.

    The court in its judgment however dismissed Emefiele’s motion.

    Dissatisfied, he appealed the decision at the Court of Appeal in Abuja, seeking to overturn the High Court’s forfeiture order.

    The estate has now been handed over to the Federal Government, which has disclosed plans to sell it to low and middle income Nigerians.

    Emefiele however filed a notice of injunction, urging the government to refrain from taking further action on the property until his appeal was heard.

    The EFCC, in an eight-count charge naming Emefiele as the sole defendant, alleged that he knowingly controlled property reasonably suspected to have been unlawfully acquired.

    The charges also claimed violations under Section 319(A) of the Penal Code Law, Cap. 89, Laws of the Federation, 1990.

    Count One alleges that Emefiele and Eric Ocheme (at large), in August 2021, knowingly controlled property located at Plot 109, Cadastral Zone C09, Lokogoma District, Abuja, reasonably suspected to have been unlawfully acquired.

    Count Two states that between January and December 2019, Emefiele and Ocheme controlled ₦167,300,000 (One Hundred and Sixty-Seven Million, Three Hundred Thousand Naira Only) domiciled in Kelvito Integrated Services’ Zenith Bank account which sum is reasonably suspected to have been unlawfully obtained.

    Count Three alleges that between January and December 2020, they had under their control the total sum of N 1, 235,959,000 (One Billion, Two Hundred and Thirty Five Million, Nine Hundred and Fifty Nine Million Naira) domiciled in Kelvito Integrated Services’ account No: 1016232915 domiciled with Zenith Bank Plc.

    Count Four claims that between January and December 2021, the duo controlled ₦2,945,331,050 (Two Billion, Nine Hundred and Forty Five Million, Three Hundred and Thirty One Thousand Fifty Naira.) in Kelvito Integrated Services’ Zenith Bank account.

    Count Five accuses them of controlling ₦1,985,412,246 One Billion, Nine Hundred and Eighty Five Million, Four Hundred and Twelve Thousand, Two Hundred and Forty six Naira) between January and December 2022, also in Kelvito Integrated Services’ Zenith Bank account.

    Count Six alleges that they controlled the total sum of Sum of N900, 000,000 (Nine Hundred Million Naira) domiciled in Ifedigo Integrated Services’ account No: 1210750237 domiciled with Zenith Bank Plc, which sum is reasonably suspected to have been unlawfully obtained.

    Count Seven claims Emefiele and his alleged accomplice knowingly had under their control sometime in August, 2021 in Abuja, the total sum of Sum of N600, 000,000 (Six Hundred Million Naira) domiciled in Ifedigo Integrated Services’ account No: 1210750237 domiciled with Zenith Bank Plc, which sum is reasonably suspected to have been unlawfully obtained.

    Count Eight accuses Emefiele of forging a document in January 2021 titled “Irrevocable Power of Attorney Between MG Properties Limited and H and Y Business Global Limited” to mislead others into believing it was authorised by H and Y Business Global Limited.

    The EFCC has listed 24 witnesses, including representatives from Zenith Bank and Access Bank, to testify when the trial begins.

    Emefiele served as governor of the CBN from 2014 until June 2023, when he was taken into custody by the Department of State Services.

    He resigned while in custody.

    Emefiele faces other criminal charges in Abuja and Lagos High Courts.

  • Naira strengthens steadily against Dollar

    Naira strengthens steadily against Dollar

    The Naira, which has seen steady appreciation against the Dollar all week, closed stronger on Friday, trading at ₦1,580.44 in the official forex market.

    Data from the Central Bank of Nigeria’s website show the Naira gained ₦4.51k against the Dollar on Friday alone.

    This marks a 0.28 per cent appreciation from Thursday’s closing rate of ₦1,584.95 in the official foreign exchange window.

    The local currency maintained consistent strength throughout the week, recording gains daily.

    On Monday, May 19, it traded at ₦1,598.68; on Tuesday, at ₦1,590.45; and on Wednesday, at ₦1,584.49.

    These gains suggest increased investor confidence and improved forex supply, contributing to the naira’s performance.

    Meanwhile, the CBN, at its 300th Monetary Policy Committee meeting held Monday and Tuesday, retained the Monetary Policy Rate at 27.5 per cent.

  • Nigeria spends $2 Billion on external debt servicing in four months

    Nigeria spends $2 Billion on external debt servicing in four months

    Between January and April 2025, Nigeria spent approximately $2.01 billion on external debt servicing marking a sharp 50% increase from the $1.33 billion spent during the same period in 2024.

    This information comes from newly released international payments data from the Central Bank of Nigeria (CBN), obtained by The PUNCH. The data reveals that debt servicing alone made up 77.1% of Nigeria’s total international payments in the first four months of 2025, compared to 64.5% during the same period in 2024.

    In total, Nigeria’s international payments—including debt service, remittances, and letters of credit—stood at $2.60 billion as of April 2025, up from $2.07 billion a year earlier.

    The surge in debt repayments is taking a toll on Nigeria’s foreign reserves, which reportedly fell by about $3 billion during the review period.

    Monthly Breakdown

    • January 2025: $540.67 million paid, slightly less than January 2024’s $560.52 million
    • February 2025: $276.73 million, nearly unchanged from February 2024’s $283.22 million
    • March 2025: $632.36 million—more than double the $276.17 million paid in March 2024
    • April 2025: $557.79 million—a 159% increase from April 2024’s $215.20 million

    In just March and April alone, Nigeria spent nearly $1.2 billion on debt servicing, suggesting a cluster of maturing obligations during the period—likely including significant commercial or bilateral loan repayments.

    These repayments coincided with Nigeria clearing a $3.4 billion loan from the International Monetary Fund (IMF), originally obtained in April 2020 under the Rapid Financing Instrument to mitigate the economic impact of the COVID-19 pandemic. The IMF confirmed that the full repayment was completed on April 30, 2025.

    “As of April 30, 2025, Nigeria has fully repaid the $3.4 billion financial support received in April 2020 under the Rapid Financing Instrument,” said Christian Ebeke, the IMF’s Resident Representative in Nigeria.

    Though the principal has been fully settled, Nigeria will continue to make annual payments of around $30 million in charges related to Special Drawing Rights (SDRs). These charges stem from the gap between Nigeria’s SDR holdings currently at SDR 3,164 million ($4.3 billion) and its cumulative SDR allocation of SDR 4,027 million ($5.5 billion), and are based on the prevailing SDR interest rate.

    The $3.4 billion IMF loan remains one of the largest issued globally under the Rapid Financing Instrument and was granted on relatively favorable terms.

    Rising External Debt Pressure

    In 2024, Nigeria’s debt servicing to the IMF reached $1.63 billion, made up entirely of principal payments. That year, the country’s total external debt service stood at $4.66 billion, up from $3.5 billion in 2023. Multilateral creditors accounted for $2.62 billion of that amount, with the IMF making up about 35% of the total.

    Fitch Ratings recently projected that Nigeria’s external debt servicing will climb further to $5.2 billion in 2025, including $4.5 billion in amortization payments and a $1.1 billion Eurobond due in November. In 2026, the figure is expected to drop to $3.5 billion.

    Fitch also flagged a delayed Eurobond coupon payment on March 28, 2025, citing it as indicative of ongoing public financial management challenges.

    Although Nigeria’s external debt burden is considered manageable, Fitch warned of looming risks due to high interest costs, weak revenue collection, and constrained fiscal space. The agency projects general government debt to remain around 51% of GDP in both 2025 and 2026.

    “We expect government revenue to GDP to improve slightly but remain structurally low, averaging 13.3% between 2025 and 2026. This will keep interest payments high relative to revenue, with the general government interest/revenue ratio exceeding 30%, and nearly 50% at the federal level,” Fitch added.

  • CBN pauses baseline interest rate

    CBN pauses baseline interest rate

    For the first time since February 2024, the Central Bank of Nigeria (CBN) has maintained the Monetary Policy Rate (MPR) at 27.5 per cent.

    TheNewsGuru.com (TNG) reports MPR is the baseline interest rate set by the CBN, serving as the benchmark for all other interest rates within the economy.

    CBN Governor Yemi Cardoso announced the decision on Tuesday in Abuja following the 300th Monetary Policy Committee (MPC) meeting.

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

    The committee retained the Cash Reserve Ratio at 50 per cent for Deposit Money Banks and 16 per cent for Merchant Banks.

    The Liquidity Ratio remains at 30 per cent, and the Asymmetric Corridor was held at +500/-100 basis points around the MPR.

    Since February 2024, the MPC under Cardoso had raised the MPR from 18.5 per cent to 27.5 per cent before opting to pause rate hikes with this latest decision.

  • Are Nigerian Banks at risk? CBN responds to viral allegations

    Are Nigerian Banks at risk? CBN responds to viral allegations

    The Central Bank of Nigeria (CBN) has moved to dispel concerns about the stability of the country’s banking sector following controversial claims circulating on social media.

    In a statement issued by Mrs. Hakama Sidi-Ali, Acting Director of Corporate Communications, the CBN reaffirmed that Nigeria’s banking system remains strong, secure, and resilient.

    “The CBN wishes to categorically reassure the public, depositors, and stakeholders that the Nigerian banking sector remains resilient, safe, and sound,” she stated.

    Sidi-Ali clarified that all licensed banks, including the institution referenced in the circulating reports, are in full compliance with stringent regulatory standards, ensuring the safety of customer deposits.

    The apex bank also reiterated its commitment to ongoing oversight of financial institutions through robust risk management frameworks that help identify and address potential issues early.

    “These mechanisms ensure that any emerging issues are promptly addressed to protect the integrity of the financial system,” she added.

    The CBN urged the public to disregard unverified or sensational claims and to rely solely on information from official channels regarding the state of the financial sector.

    Mrs. Sidi-Ali concluded by emphasizing the CBN’s continued efforts to maintain a secure and stable banking environment where the public can trust that their funds are well-protected.

    “The CBN will continue to monitor and evolve strategies to safeguard the financial interests of all Nigerians and stakeholders,” she said.

  • Naira strengthens further against Dollar

    Naira strengthens further against Dollar

    The Naira continued its upward trend on Wednesday, appreciating further at the official market and closing at N1,596.70 to the U.S. dollar.

    According to data released on the Central Bank of Nigeria’s official website, the local currency gained N3.33 against the dollar.

    This improvement represents a 0.21 per cent appreciation compared to the rate of N1,600.03 per dollar recorded at the close of trading on Tuesday.

    The Naira had already shown signs of resilience earlier in the week, gaining 0.02 per cent on Tuesday against the dollar.

    Analysts attribute the recent strengthening of the Naira to improved foreign exchange liquidity and sustained interventions by CBN.

    Market observers also note that increased confidence in monetary policy reforms may be contributing to the currency’s steady performance in recent days.

    In spite of ongoing economic challenges, the recent movements suggest cautious optimism among traders and investors watching the foreign exchange market.

    The Naira’s performance this week is being closely monitored as the country continues efforts to stabilise its economy and attract foreign investment.

  • Just in: CBN launches unique BVN platform for Nigerians in diaspora

    Just in: CBN launches unique BVN platform for Nigerians in diaspora

    The Central Bank of Nigeria (CBN), in partnership with the Nigeria Inter-Bank Settlement System (NIBSS), has officially launched a secure digital platform for banking access for Nigerians living overseas, named the Non-Resident BVN (NRBVN).

    The central bank announced on its X handle on Wednesday that the CBN Governor, Olayemi Cardoso, highlighted that this significant move aims to promote financial inclusion. He emphasized that the NRBVN platform represents a crucial milestone in Nigeria’s efforts toward financial inclusion, demonstrating a commitment to innovation, inclusive development, and economic integration.

    According to the statement, Nigerians worldwide can now efficiently and securely acquire their BVN remotely with the implementation of digital verification and comprehensive Know Your Customer (KYC) protocols.

    Cardoso further noted that the platform will allows Nigerians abroad to open bank accounts, transfer funds securely, and utilize banking services with enhanced convenience and reduced costs.

    The CBN governor further urged Nigerian banks to create customised products for the Diaspora, asserting that such innovations will enhance financial inclusion and significantly increase remittance flows through official channels.

    Governor Cardoso has restated the CBN’s target of $1 billion in monthly remittances.

    He has emphasised the need for all stakeholders to comply with the FX Code and regulatory guidelines to preserve market stability and trust.

    “The NRBVN is a dynamic, evolving platform—a bridge connecting Nigeria with its global citizens—and reaffirms the Bank’s commitment to lowering remittance costs and expanding financial inclusion for all Nigerians,” Cardoso noted.

  • CBN unveils BVN platform for diaspora Nigerians

    CBN unveils BVN platform for diaspora Nigerians

    The Central Bank of Nigeria (CBN), in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS) on Tuesday officially inaugurated the Non-Resident Bank Verification Number (NRBVN) platform in Abuja.

    According to the apex bank, this innovative digital gateway allows Nigerians in the diaspora to obtain a BVN remotely without the need for a physical presence in Nigeria.

    The CBN Governor, Mr Yemi Cardoso, described the initiative as a milestone in Nigeria’s financial inclusion journey and a critical bridge connecting the country to its global citizens.

    “For too long, many Nigerians abroad have faced difficulties accessing financial services at home due to physical verification requirements.

    “The NRBVN changes that. Through secure digital verification and robust Know Your Customer (KYC) processes, Nigerians worldwide should now be able to access financial services more easily and affordably,” he said.

    Cardoso described the NRBVN as a dynamic platform.

    “It is not the final destination, but it is the beginning of a broader journey.

    “Stakeholders across the financial ecosystem, including banks, fintechs, and International Money Transfer Operators (IMTOs) are encouraged to integrate and collaborate in shaping and refining the system as it evolves,” he said.

    He said that remittance flows through formal channels increased from 3.3 billion dollars in 2023 to 4.73 billion dollars in 2024, due to recent reforms and policy shifts, including the introduction of the willing buyer, willing seller FX regime.

    According to him, with the NRBVN in place, the CBN is optimistic about reaching its one billion dollars monthly remittance target.

    “We are building a secure, efficient, and inclusive financial ecosystem for Nigerians globally.

    “This platform is not just about financial access, it is about national inclusion, innovation, and shared prosperity,” he said.

    Cardoso also reiterated the apex bank’s commitment to reducing the high cost of remittances in Sub-Saharan Africa and ensuring continued engagement with stakeholders to optimise the platform.

    In his remarks, Muhammad Abdullahi, CBN’s Deputy Governor, Economic Policy Directorate, said that the NRBVN stood as a transformative tool, meticulously designed to enhance the banking experience for our diaspora community.

    Abdullahi said that by providing secure, remote access to financial services, the platform simplifies the process of maintaining robust banking relationships, facilitating meaningful investments in Nigeria, and supporting the seamless flow of remittances.

    ” It is our firm belief that this initiative will not only strengthen economic ties, it will also foster a sense of pride and belonging among Nigerians worldwide, encouraging them to play an even greater role in our nation’s development,” he said.

    The News Agency of Nigeria (NAN) reports that the inaugurated also featured a presentation by the Managing Director of NIBSS, Mr Premier Oiwoh, and a panel discussion with key industry stakeholders.

    The NRBVN is part of a broader framework that includes the Non-Resident Ordinary Account (NROA) and Non-Resident Nigerian Investment Account (NRNIA).

    Together, they enable access to savings, mortgages, insurance, pensions, and investment opportunities in Nigeria’s capital markets.

    Under current regulations, Nigerians in the diaspora will retain the flexibility to repatriate the proceeds of their investments.

    Importantly, the NRBVN system has been built with global standards in mind, incorporating stringent Anti-Money Laundering (AML) and KYC compliance protocols to ensure the integrity, transparency, and security of Nigeria’s financial system.

    Every NRBVN enrollment undergoes comprehensive verification checks to safeguard against illicit financial activity, bolstering international confidence in the platform and the broader financial ecosystem.

  • CBN announces revised PAPSS transactions documentation requirements

    CBN announces revised PAPSS transactions documentation requirements

    The Central Bank of Nigeria (CBN) has announced significant review of the documentation requirements for transactions conducted through the Pan-African Payment and Settlement System (PAPSS) in Nigeria.

    According to a statement by Hakama Sidi-Ali, CBN’s Acting Director, Corporate Communications Department, said the initiative was part of CBN’s ongoing commitment to foster seamless intra-African trade and financial inclusion.

    Sidi-Ali said that it would also boost operational efficiency for Nigerians engaging in cross-border payments within Africa.

    She said that the initiative was inaugurated by Afreximbank in partnership with the African Union and the African Continental Free Trade Area (AfCFTA) Secretariat in January 2022.

    ”PAPSS serves as a centralised payment and settlement platform that enables instant, secure, and efficient cross-border transactions throughout Africa.

    “By facilitating payments in local currencies, PAPSS minimises reliance on third-party currencies, reduces transaction costs, and supports the rapid expansion of trade under the AfCFTA,” she said.

    She said that applicants were responsible for ensuring that all regulatory documents are available to facilitate the clearance of goods, as required by relevant government agencies.

    “Authorised Dealer Banks may now source foreign exchange for PAPSS settlements through the Nigerian Foreign Exchange Market (without recourse to the CBN).

    “All export proceeds repatriated via PAPSS shall be certified by the relevant processing banks.

    “The CBN urges all banks to adopt PAPSS and commence originating transactions in line with this new policy.

    “In addition, CBN encourages exporters, importers and individuals to familiarise themselves with the new requirements and leverage PAPSS for cross-border transactions within Africa,” she said.

    NAN recalls that in a circular issued on April 28, the CBN outlined the key changes to the documentation requirements associated with PAPSS transactions.

    The circular effected changes like simplified documentation for Low-Value Transactions.

    It said that customers may now use basic KYC and AML documents provided to their Authorised Dealer Banks (ADBs) for low-value
    transactions (2,000 dollars and USD 5,000 dollars) equivalent in Naira for individuals and corporate respectively).

    According to the circular, transactions above the thresholds, and all documentation as stipulated in the CBN Foreign Exchange Manual and related circulars remained mandatory.