Economy
CBN launches new platform, targets $1bn monthly diaspora remittances
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The Central Bank of Nigeria, in collaboration with the Nigeria Inter-Bank Settlement System, has launched the Non-Resident Bank Verification Number platform, an initiative aimed at enhancing financial access for Nigerians in the diaspora.
The platform, which enables Nigerians abroad to obtain their Bank Verification Number remotely, removes the need for physical presence in Nigeria.
Speaking at the event in Abuja on Tuesday, CBN Governor, Mr. Olayemi Cardoso, described the platform as a key milestone in the country’s financial inclusion journey.
He noted that the NRBVN would ease the long-standing challenges faced by Nigerians in the diaspora who previously had to be physically present in Nigeria for BVN registration.
“For too long, many Nigerians abroad have faced difficulties accessing financial services at home due to physical verification requirements,” Cardoso said. “The NRBVN changes that. Through secure digital verification and robust Know Your Customer processes, Nigerians worldwide will now be able to access financial services more easily and affordably.”
The governor added that the NRBVN was not just a solution for financial access, but a step towards a more inclusive, innovative, and prosperous financial ecosystem.
“We are building a secure, efficient, and inclusive financial ecosystem for Nigerians globally,” he remarked. “This platform is not just about financial access, it’s about national inclusion, innovation, and shared prosperity.”
Cardoso also highlighted the growth in remittance flows, which increased from $3.3bn in 2023 to $4.73bn in 2024. He attributed this rise to recent reforms, including the introduction of the willing buyer, willing seller FX regime.
With the launch of the NRBVN, the CBN is targeting $1bn in monthly remittances.
“With the introduction of NRBVN and complementary policy measures, we are optimistic about achieving our ambitious target of $1bn in monthly remittance flows, a goal we believe is entirely achievable given the growing trust and convenience in formal remittance channels,” Cardoso said.
The event also featured a presentation by the Managing Director/CEO of NIBSS, Mr Premier Oiwoh, who detailed the technical and operational aspects of the NRBVN platform.
Oiwoh emphasised that the platform adheres to global standards, incorporating stringent Anti-Money Laundering and KYC compliance protocols to ensure transparency and security.
The Deputy Governor, Economic Policy, CBN, Mr Muhammad Abdullahi, also addressed the gathering, describing the NRBVN as a transformative tool for enhancing the banking experience for Nigeria’s diaspora.
He urged stakeholders to collaborate in refining the platform to meet the evolving needs of the diaspora community.
He further emphasised that the initiative would strengthen economic ties between Nigeria and its global citizens, and ultimately drive sustainable economic growth.
“Together, we stand at the threshold of a new era, poised to deepen the trust, enhance remittance growth, and forge a stronger, more meaningful connection between Nigeria and its global citizens,” Abdullahi said.
The NRBVN platform is part of a broader framework that includes the Non-Resident Ordinary Account and Non-Resident Nigerian Investment Account, which provide Nigerians in the diaspora with access to savings, mortgages, insurance, pensions, and investment opportunities in Nigeria’s capital markets.
Under current regulations, diasporans will have the flexibility to repatriate the proceeds of their investments.
The launch of the NRBVN platform marks a crucial step in the CBN’s efforts to improve financial inclusion and harness the economic potential of Nigeria’s diaspora.
The Nigerian Naira recorded a slight improvement against the United States Dollar on Wednesday, May 6, 2026, in both the official and unofficial foreign exchange markets. The movement was linked to slightly better dollar availability and increased trading activity within the banking system.
Figures from the Central Bank of Nigeria showed that in the official Nigerian Foreign Exchange Market (NFEM), the naira traded at about ₦1,362 per dollar. This is stronger than the earlier rate of around ₦1,367.5 seen earlier in the week. Market activity also picked up as more transactions were recorded between buyers and sellers.
In the black market, also known as the parallel market, the naira also gained slightly. It exchanged at about ₦1,382 per dollar, improving from around ₦1,387 recorded on Monday. Currency dealers in major cities like Lagos and Abuja said buying prices ranged between ₦1,385 and ₦1,390, while selling prices went as high as ₦1,400 depending on the size of the transaction and location.
Financial analysts said the mild gain was mainly due to improved dollar supply from the banking system, as well as ongoing efforts by authorities to reduce pressure between the official and unofficial exchange rates.
However, traders explained that demand for foreign currency is still high, especially from importers, manufacturers, travellers, and people who prefer transactions outside the banking system. This continues to put pressure on the local currency.
Despite the small gain, the gap between the official rate and the parallel market remains, although it is not very wide. Analysts say this shows continued attempts by monetary authorities to bring more stability to the foreign exchange market and support confidence in the naira.
Nigerian National Petroleum Company Limited (NNPC Ltd) has signed a memorandum of understanding (MoU) with two Chinese companies to support the restart and expansion of Nigeria’s Warri and Port Harcourt refineries, the state oil firm said.
The agreement was signed in Jiaxing City, China, with Sanjiang Chemical Company Limited and Xinganchen (Fuzhou) Industrial Park Operation and Management Co. Ltd under a proposed technical equity partnership framework, according to a statement issued by NNPC.
NNPC Group Chief Executive Officer Bashir Bayo Ojulari said the MoU followed more than six months of engagement between the parties.
“All parties recognise mutually beneficial opportunities for the development and long-term sustainable profitability of NNPC’s refining assets in Nigeria,” Ojulari said.
According to NNPC, the proposed framework covers the completion of outstanding work on the Port Harcourt and Warri refineries, as well as their operation and maintenance.
The company said the collaboration also includes plans to upgrade the facilities to produce cleaner petroleum products and expand their capacity, alongside efforts to increase petrochemical output and develop gas-based industrial projects linked to the refineries.
Ojulari said the agreement was part of ongoing efforts to identify technical equity partners to support the rehabilitation and long-term operation of the country’s refining assets.
“The MoU is a significant step on the journey towards identifying potential technical equity partners to restart and expand NNPC’s refineries,” he said.
NNPC added that the agreement reflects the parties’ intention to continue discussions, noting that any final deal would be subject to further negotiations and customary regulatory approvals.
The statement said the partnership could also involve the development of co-located industrial hubs to support downstream and gas-based activities.
Nigeria has for decades struggled with the performance of its state-owned refineries, which have operated below capacity, according to NNPC. The country depends heavily on imported refined petroleum products despite being one of Africa’s largest crude oil producers.
The Port Harcourt and Warri refineries are among key facilities undergoing rehabilitation as part of government efforts to restore domestic refining capacity, the company said.
NNPC said the planned collaboration forms part of its broader strategy to improve efficiency and support the operation of its refining assets.
The Black Market Dollar-to-Naira Exchange Rate for 4th May 2026 Can Be Accessed Below.
NOTE: The exchange rate changes hourly. It depends on the volume of dollars available and the Demand. This means…you can buy or sell 1 dollar at a certain rate, and the price can change (high or low) within hours.
The official naira black market exchange rate in Nigeria today, including the Black Market rates, Bureau De Change (BDC), and CBN rates.
Please note that the exchange rate is subject to hourly fluctuations influenced by the supply and demand of dollars in the market.
What’s the dollar to naira black market today, 4th May 2026?
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦1400 and buy at ₦1385 on Monday, 4th May, 2026, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks
Dollar to Naira Black Market Rate Today
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Selling Rate ₦1400
Buying Rate ₦1385
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Highest Rate ₦1378
Lowest Rate ₦1370
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