Archive May 14, 2025

The Central Bank of Nigeria (CBN), in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS), has launched the Non-Resident Bank Verification Number (NRBVN) platform for Nigerians in diaspora.

Launched on Tuesday, the innovative digital gateway, which is projected to actualise the CBN’s $1 billion monthly diaspora remittances target and about $12 billion annually, allows Nigerians in the diaspora to obtain a BVN remotely without the need for a physical presence in the country.

Speaking at the launch attended by stakeholders in the financial ecosystem, including the chief executives of commercial banks in Abuja, CBN Governor, Olayemi Cardoso, hailed the initiative as a milestone in the country’s financial inclusion journey and a critical bridge connecting the country to its global citizens.

The CBN governor also hinted that the initiative could reduce the high cost of remittances in Sub-Saharan Africa and ensure continued engagement with stakeholders to optimise the platform.

He said the CBN remained committed to reducing the cost of remittances, currently averaging over seven per cent in Sub-Saharan Africa, adding that lowering these costs would enhance the safety and appeal of formal channels while amplifying the socioeconomic impact of diaspora remittances on Nigerian households and the broader economy.

Cardoso said, “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, though not the final destination, the NRBVN represented the “beginning of a broader journey.”

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

Together, these 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.

Essentially, 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.

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

With the NRBVN in place, the CBN is optimistic about reaching its monthly remittance target.

READ ALSO: Oil Retreats As Traders Await High US Crude Stockpiles

Cardoso added, “We are building a secure, efficient, and inclusive financial ecosystem for Nigerians globally. This platform is not just about financial access, it’s about national inclusion, innovation, and shared prosperity.

“With the introduction of NRBVN and complementary policy measures, we are optimistic about achieving our ambitious target of $1 billion in monthly remittance flows, a goal we believe is entirely achievable given the growing trust and convenience in formal remittance channels.

“To meet these targets, collaboration and compliance with established regulatory frameworks remain essential. All stakeholders must adhere strictly to the FX Code and other relevant regulatory guidelines.”

He said, “This is critical to ensuring market stability, integrity, and overall confidence in Nigeria’s financial system.

“We also invite IMTOs to integrate with the NRBVN platform as part of our shared vision to build a secure, efficient, and inclusive financial ecosystem for Nigerians globally.

“A fully connected system will ensure that every Nigerian in the diaspora can confidently contribute to national development through trusted and cost-effective channels.”

Chairman/Chief Executive, Nigerians in Diaspora Commission (NiDCOM), Abike Dabiri-Erewa, described NRBVN as a game changer.

Former Edo State Governor, Senator Adams Oshiomhole, has expressed strong support for President Bola Tinubu’s economic reforms, asserting that despite the hardship currently experienced by Nigerians, the administration is on the right path to recovery.

Speaking on Channels Television’s Politics Today on Tuesday,  the lawmaker acknowledged the growing public discontent over the rising cost of living and the closure of businesses since the removal of fuel subsidy in 2023, but urged Nigerians to be patient and maintain trust in the reforms.

“There is no question that there are huge challenges. But if you look at the balance sheet that this president inherited — massive liabilities arising from the very reckless misuse of ways and means — you’d understand why these steps were necessary,” he said.

Describing the economic recovery process as akin to a medical operation, he noted:

“It’s a work in progress. The surgeon has gone to carry out the surgery. He understands that there is a level of pain — there has to be pain. But the good news is that the patient is healing. Maybe he could heal faster, but there can be no question that the patient is healing.”

He pointed to the exchange rate unification as a painful but critical decision to align supply with demand, warning that failure to do so could have plunged the country into a Zimbabwe-like economic collapse.

“The consequential increase in cost of living was predictable. But if that was not done, Nigeria was on its way to Zimbabwe,” Oshiomhole stated.

According to him, President Tinubu deliberately chose to make all the difficult but necessary decisions in his first term to pave the way for long-term recovery.

“He took the right decision by insisting that in the first term, he would take all the tough decisions — prayerfully — so that as we move on, the situation improves,” he said.

‘No Quick Fix, Inherited Challenges’

Oshiomhole dismissed the idea of quick fixes, noting that meaningful governance requires time and a deep understanding of inherited challenges.

“There is no magic to governance. I don’t think any Nigerian who understands the macroeconomic environment that was inherited by this government would expect that, in 24 months, everything would be fixed,” he said.

“Truly, this economy was badly mismanaged. This is not to blame anyone, but to speak to fact. I can say the worst is over, and we are going to begin to witness improvements in standard of living.”

Drawing from his own experience as a former state governor, he noted that every leader needs time to assess the depth of challenges and determine what should take priority.

“As a governor, it took me time to have a holistic view of the challenges I inherited and to decide, in terms of priority, what to do first.”

He concluded by acknowledging the current hardship in communities but maintained a cautiously optimistic outlook:

“As a Nigerian, I live in the community and among the people. I can say that there is a level of hardship, but things are improving.”

The former Edo State governor said if a presidential election were held today, Tinubu would still win, given his bold and necessary decisions to reposition Nigeria’s economy.

“Given where we are today in the economy, Tinubu will still win the presidential election,” Oshiomhole declared.

He praised the President for eliminating what he described as an exploitative foreign exchange regime that previously benefited only a privileged few.

Police authorities in Anambra have successfully rearrested one of the fleeing suspects allegedly involved in the kidnapping and gruesome murder of the late Justice Azuka.

Azuka was a lawmaker representing Onitsha 1 Constituency in the Anambra State House of Assembly. He was reportedly kidnapped by gunmen on Dec. 24, 2024, while returning home at Ugwunapampa Road, Inland Town, Onitsha.

However, the Police and other sister security agencies later recovered his lifeless body on the Second Niger Bridge on February 6.

READ ALSO: Kidnapped Anambra Lawmaker Justice Azuka Found Dead

In a statement on Tuesday in Onitsha, the spokesman of Anambra State Police Command, Tochukwu Ikenga, confirmed the suspect’s rearrest.

Ikenga said he was arrested on May 7 following a painstaking and intelligence-led operation, after he was tracked across multiple states in Nigeria and neighbouring countries.

“The Anambra State Police Command wishes to inform the public that its operatives have successfully rearrested one Ikemefuna Ossai, a suspect in the kidnapping and gruesome murder of the late Justice Azuka, the distinguished Member representing Onitsha 1 Constituency in the Anambra State House of Assembly,” the statement read.

“This rearrest followed a painstaking and intelligence-led operation. The suspect, who had previously escaped custody, was tracked across multiple states within Nigeria and even into a neighbouring West African country.

“He was eventually apprehended on May 7, 2025, in Asaba, Delta State. Upon sighting the operatives, the suspect attempted to escape arrest but was swiftly subdued and sustained a gunshot wound to the leg in the process.”

Ikenga said the Police Command, in its continued commitment to transparency and accountability, has briefed relevant stakeholders, including the family of the late lawmaker and the leadership of the Anambra State House of Assembly.

“During the engagement, the Commissioner of Police acknowledged and expressed regret over the operational lapses that led to the suspect’s earlier escape.

“Further to this development, actionable intelligence obtained from the suspect is currently aiding ongoing operations. The Command has intensified efforts to apprehend the remaining fugitive and dismantle the criminal network responsible for this heinous crime.