Economy

CBN eyes safer digital transactions with new POS rules

Published

8 months ago

September 4, 2025

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The Central Bank of Nigeria is clamping down on PoS fraud with geo-tagging and global payment standards, aiming to make every digital transaction traceable and trustworthy,

Digital payments are reshaping commerce across Nigeria, from Lagos, Onitsha, and Abuja’s busy streets to the country’s growing online marketplaces. Cash is slowly losing ground to electronic transactions, but problems like fraud, technical glitches, and uneven access continue to complicate the country’s embrace of a fully digital economy.

To address these issues, Governor Olayemi Cardoso is steering the Central Bank of Nigeria toward stricter oversight of point-of-sale terminals and other electronic payment systems. The new regulations aim to strengthen transaction monitoring, protect consumers, and extend financial services to millions who have long remained outside the formal banking system.”

The new circular, titled “Migration to ISO 20022 Standard for Payment Messaging and Mandatory Geo-Tagging of Payment Terminals”, was issued on August 25, 2025, and signed by the Director of the Payments System Supervision Department at the CBN, Dr Rakiya Yusuf.

One of the components of these reforms is that all PoS devices must now be geo-tagged with GPS and registered with a licensed payment aggregator. Terminals are allowed to operate only within 10 metres of their registered location.

“The move is a counter-terrorism initiative that targets fraudsters who have exploited PoS channels to defraud unsuspecting users. This regulation enhances traceability and accountability and is a step that deserves commendation,” the former Zenith Bank chief economist told The PUNCH.

Under the new rules, all PoS terminals must now be linked to one of two licensed aggregators, NIBSS or Unified Payment Services Limited. Merchant acquirers are required to route all transactions through these aggregators, while payment processors must integrate with both systems. The CBN has also set a 60-day compliance window for existing terminals, with a full migration deadline of October 31, 2025.

Geo-tagging is central to this oversight. Every PoS machine must capture and transmit its location at the start of a transaction, with activity outside the 10-metre radius automatically flagged. Terminals that are not geo-tagged will be barred from processing payments.

According to the circular, “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.”

The reforms are designed to mitigate fraud, improve consumer protection, and reduce operational risks associated with reliance on a single aggregator. The Financial Institutions Training Centre’s Fraud and Forgeries Report has highlighted the urgency, showing a 31.12 percent increase in PoS-related fraud cases in the first quarter of 2024.

Analysts say that geo-tagging, combined with tighter routing requirements, will make fraudulent transactions easier to detect.

“Previously, PoS devices could be moved between locations, facilitating illicit activities, including ransom collections,” economist Okeke explained. “Now, with mandatory GPS tracking and aggregator routing, operators will be accountable, and enforcement becomes feasible.”

Since their introduction in 2013, PoS terminals have quietly reshaped everyday commerce in Nigeria. By March 2025, the country had 8.36 million registered PoS terminals, with 5.9 million actively in use, a 119 per cent increase from 2.69 million the previous year, according to the Nigeria Inter-Bank Settlement System

Economy

CBN Forex Intervention Trigger New Changes In Dollar To Naira Exchange Rate May 13, 2026

Published

7 hours ago

May 13, 2026

EMMANUEL AGAJI

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The Nigerian naira traded within a relatively stable range on Wednesday, May 13, 2026, as the Central Bank of Nigeria (CBN) continued interventions in the foreign exchange market.

Market analysts linked the recent stability to improved dollar inflows from exporters, foreign investors, and oil companies. In addition, the narrowing gap between the official and parallel market rates has boosted confidence in the forex market.

Meanwhile, traders said demand for foreign exchange remains high due to import payments, foreign tuition fees, medical expenses, and travel-related transactions.

Nigeria Exchange Rates – Wednesday, May 13, 2026

Currency Official Market Rate (₦) Parallel / Black Market Rate (₦) Mid-Market / Indicative Rate (₦)
US Dollar (USD) ₦1,355 – ₦1,365 ₦1,395 – ₦1,410 ₦1,360
Euro (EUR) ₦1,470 – ₦1,490 ₦1,590 – ₦1,630 ₦1,525
British Pound (GBP) ₦1,710 – ₦1,740 ₦1,850 – ₦1,900 ₦1,790
Chinese Yuan (CNY) ₦188 – ₦192 ₦195 – ₦202 ₦190
Japanese Yen (JPY) ₦9.7 – ₦10.1 ₦10.4 – ₦10.8 ₦10.0
Canadian Dollar (CAD) ₦995 – ₦1,020 ₦1,050 – ₦1,085 ₦1,015
Swiss Franc (CHF) ₦1,480 – ₦1,510 ₦1,560 – ₦1,610 ₦1,520
Saudi Riyal (SAR) ₦360 – ₦365 ₦372 – ₦380 ₦364
UAE Dirham (AED) ₦365 – ₦370 ₦378 – ₦385 ₦368
Market Insight

Financial analysts believe the recent appreciation of the naira reflects stronger forex liquidity and improving investor confidence in Nigeria’s official FX market.

However, experts warned that inflation, global oil prices, and external economic pressures could still affect the naira in the coming weeks.

Important Notice

Exchange rates may vary depending on location, transaction volume, and market conditions. Therefore, rates quoted by banks and Bureau de Change operators could differ slightly during the day.

Economy

Nigeria meets 99.2% of OPEC crude oil production in April

Published

12 hours ago

May 13, 2026

Admin

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The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has revealed that in April 2026, Nigeria met 99.2% of its Organization of Petroleum Exporting Countries (OPEC) crude oil production quota of 1.5mb/d.

This was revealed in the X handle of the commission, which stressed that the output rose to 1.48b/d of crude oil and 174,873b/d of condensate.

The total crude oil and condensate production, according to NUPRC, was 1.66mb/d.

“Nigeria’s production increased in the month of April to 1,488,540 barrels of crude oil and 174,873 barrels of condensates totaling 1, 663, 413 barrels per day. This implies that Nigeria met 99.2% of its 1.5mbpd OPEC quota of crude oil.”

The report revealed the that the figure also represents a 7.58% increase when compared to the month of March. NUPRC said the peak production in April was 1.85mbpd while the lowest production for the month was 1.46mbpd.

Economy

See Black Market Dollar To Naira Exchange Rate Today 12th May 2026

Published

1 day ago

May 12, 2026

EMMANUEL AGAJI

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Dollar To Naira Exchange Rate

The Black Market Dollar-to-Naira Exchange Rate for 12th 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, 12th 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 ₦1387 on Tuesday, 12th 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 ₦1387
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Highest Rate ₦1375
Lowest Rate ₦1367
Disclaimer:NEWSRAIN NIGERIA does not set or determine forex rates. The official NAFEX rates are obtained from the FMDQOTC website. Parallel market rates (black market rates) are obtained from various sources, including online media outlets. The rates you buy or sell forex may be different from what is captured in this article.