Economy

CBN launches new platform, targets $1bn monthly diaspora remittances

Published

1 month ago

May 14, 2025

Admin

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.

Economy

Aliko Dangote retires as chairman of Dangote Sugar Refinery

Published

2 days ago

June 13, 2025

Admin

The chairman of the Board of Dangote Sugar Refinery Plc, Aliko Dangote, has announced his retirement, bringing an end to a 20-year leadership of the company.

In a statement released by Company Secretary Temitope Hassan on Wednesday, it was stated that his retirement will take effect from June 16, 2025.

Since assuming leadership in 2005, Dangote has been recognised as a key figure in transforming Dangote Sugar into a market leader in Nigeria’s sugar industry, overseeing significant expansion projects and strengthening corporate governance.

“In line with the principles of good corporate governance and succession planning, Dangote Sugar Refinery Plc hereby announces the retirement of our esteemed Chairman of the Board of Directors of the Company, Alhaji Aliko Dangote, GCON, effective June 16, 2025,” the statement read.

The statement also noted that during his tenure, the company launched major backward integration projects in Adamawa, Taraba, and Nasarawa States, aimed at boosting local sugar production and reducing dependence on imports.

According to the board, Arnold Ekpe, Independent Non-Executive Director, has been appointed the new chairman.

“Following a rigorous selection and transition process, the Board is pleased to announce the appointment of Mr Arnold Ekpe, Independent Non-Executive Director, as the new Chairman of Dangote Sugar Refinery Plc, effective 16th June 2025,” the statement added.

“Ekpe is a seasoned banker and former group CEO of Ecobank, with extensive boardroom and leadership experience across sectors. We welcome Mr. Ekpe to his new role and look forward to the next chapter in our Company’s journey under his leadership. We also express our deep appreciation to Alhaji Aliko Dangote for his years of exemplary service and unwavering commitment to excellence,” the statement concluded.

Economy

SEE Dollar To Naira Black Market Exchange Rate Today, 11 June 2025

Published

4 days ago

June 11, 2025

ADMIN

Dollar To Naira Black Market Exchange Rate Today, 11 June 2025 can be accessed below.

Looking for the dollar to naira black market rate today? As of Wednesday, 11 June 2025, here’s the latest update on the parallel market (also known as Aboki FX) exchange rate in Nigeria.

According to data gathered and verified Bureau De Change (BDC) sources in Lagos, the black market opened at:

Buying Rate: ₦1,620 per $1

Selling Rate: ₦1,625 per $1

These figures reflect the demand-driven nature of the naira to dollar exchange rate on the black market, which can fluctuate multiple times daily based on forex availability and economic sentiments.

Key Point:
The dollar to naira exchange rate at the black market is unofficial and typically higher than the Central Bank of Nigeria (CBN) rate, due to limited forex supply from official channels.

Official CBN Dollar to Naira Exchange Rate Today – 11 June 2025

If you’re checking the official exchange rate for USD to NGN, here’s what the Central Bank of Nigeria (CBN) reported:

Buying Rate: ₦1,597 per $1

Selling Rate: ₦1,598 per $1

The CBN discourages participation in the black market and urges all forex transactions to go through authorized banks and licensed financial institutions.

Important Note About Black Market Rates
The black market (Aboki FX) rate is unregulated and can vary based on location, dealer, and volume of transaction. It’s crucial to:

Stay updated with real-time exchange rates

Confirm the rate with your local dealer before transacting

Exercise caution to avoid scams

How to Find a Trusted Dollar to Naira Black Market Dealer
Engaging in currency exchange outside official channels carries some risk. Here are tips for safely exchanging dollars on the black market:

Use reputable dealers with a known track record.

Always ask for a written receipt during the exchange.

Know the current market rate to avoid being underpaid.

Avoid exchanging large sums in one transaction unless you’re certain of the dealer’s credibility.

What Influences the Dollar to Naira Rate on the Black Market?
Several factors play a role in the rise or fall of the USD to NGN black market rate, including:

Supply and demand for foreign currency

Economic and political stability in Nigeria and the U.S.

Global oil prices, which influence Nigeria’s forex earnings

Speculation and market sentiment

Dollar to Naira Exchange Rate – 11 June 2025
Market Buying Rate Selling Rate
Black Market (Aboki FX) ₦1,620 ₦1,625
CBN Official Rate ₦1,597 ₦1,598
Disclaimer:
The rates listed here are for informational purposes and may vary depending on the source or region. Always double-check rates before making any financial decisions.

Economy

SEE Dollar To Naira Black Market Exchange Rate Today, 10 June 2025 can be accessed below

Published

5 days ago

June 10, 2025

ADMIN

Looking for the dollar to naira black market rate today? As of Tuesday, 10 June 2025, here’s the latest update on the parallel market (also known as Aboki FX) exchange rate in Nigeria.

According to data gathered ,the black market opened at:

Buying Rate: ₦1,620 per $1

Selling Rate: ₦1,625 per $1

These figures reflect the demand-driven nature of the naira to dollar exchange rate on the black market, which can fluctuate multiple times daily based on forex availability and economic sentiments.

Key Point:
The dollar to naira exchange rate at the black market is unofficial and typically higher than the Central Bank of Nigeria (CBN) rate, due to limited forex supply from official channels.

Official CBN Dollar to Naira Exchange Rate Today – 10 June 2025

If you’re checking the official exchange rate for USD to NGN, here’s what the Central Bank of Nigeria (CBN) reported:

Buying Rate: ₦1,597 per $1

Selling Rate: ₦1,598 per $1

The CBN discourages participation in the black market and urges all forex transactions to go through authorized banks and licensed financial institutions.

Important Note About Black Market Rates
The black market (Aboki FX) rate is unregulated and can vary based on location, dealer, and volume of transaction. It’s crucial to:

Stay updated with real-time exchange rates

Confirm the rate with your local dealer before transacting