Economy
CBN puts 7,552 BVN on watchlist, e-Naira transaction hits 1.4m
The Central Bank of Nigeria (CBN) said it has placed 7,552 Bank Verification Numbers (BVN) on its watchlist for fraudulent transactions, just as the apex bank Digital Currency(CBDC) known as eNaira, has recorded 1.4 million transactions to date, translating to 100 per cent increase compared to 700,000 transactions in November 2022. Also it said that Nigeria is moving rapidly towards cardless and other contactless payment options, including QR Codes, NFC, among others for seamless financial transactions in the country. Speaking in Calabar, Cross River State on the theme “Implementing a Robust Payment Architecture Prospects, Opportunities and Challenges”, the governor of the CBN, Godwin Emefiele said, the Nigeria payment system landscape has particularly continued to record significant changes and development.
Represented by the director of Monetary Policy, Dr Hassan Mahmud, Emefiele stated that, since its launch, the apex bank has continued to modify the features of eNaira to make it more accessible to a wide range of users. “Today, one does not need a smartphone to use the eNaira as it has become compatible with all generations of mobile devices (old and new). Till date, over 1.4 million transactions have passed through the eNaira platform,” he added. Saying the advent of COVID-19, no doubt, triggered rapid advancements in financial technology, leading to speedy digitisation of money and finance, he stressed that, the apex bank took advantage of the opportunity by launching the eNaira in October 2021. The eNaira, he noted, was developed to broaden the payment possibilities of Nigerians and foster digital financial inclusion, with potential for fast-tracking intergovernmental and social transfers. The CBN governor also said that the total enrollment of BVN as at March 31, 2023 stood at 57.43 million, adding that, the BVN has also helped the industry in investigating fraud and other related crimes.
“The BVN is supporting the development of credit profiles for banking customers, which will assist in improving access to credit for credit-worthy borrowers by banks. BVN has continued to feature in our KYC requirements as part of plans to ease the constraint associated with poor identification of banking customers. We have continued to support the aggressive enrollment of prospective banking customers in the informal sector onto the BVN system,” he said. Emefiele noted that, cyber threats and fraud activities of fraudsters continue to threaten the resilience of the payment platforms and that the confidence of the public is impacted by these activities. He disclosed that there are collaborative effort between the Central Bank of Nigeria and other players in the industry to curtail the nefarious activities of these fraudsters. To him, “in response to the challenges posed by cyber threats, the CBN is addressing these hiccups with the Nigeria Electronic Fraud Forum (NeFF), payment card industry data security standard, the financial industry cybersecurity fusion centre and other initiatives against cybersecurity and fraud in Nigeria.”
Promising that the bank will also continue to adopt a collaborative approach to achieve minimal cybersecurity threats in the payments system, he said: “a holistic mechanism for addressing cybersecurity threats requires policy and operational actions by all stakeholders. “As you are aware, effective January 2023, the Bank issued a Risk-Based Cyber-Security Framework and Guidelines for Other Financial Institutions, to ensure their operational resilience in the face of cyber-security threats.
In his paper, the director of Payment Systems Management, CBN, Musa Jimoh, who was represented by the deputy director, Payment Systems, Adefuye Adeyemi, revealed that, 7,552 on BVN watchlist for fraud-related transactions. According to him, the centralisation of the BVN has enabled the CBN to track fraudulent individuals and entities who have engaged in forgery, compromise, complicity, fraudulent duplicate enrolment and any fraudulent infraction with and without monetary value. Speaking further on the cardless and other contactless payment options, he said, the banking industry is quickly evolving towards cardless and other contactless payment options, adding that the regulator has issued robust regulations to standardise operations of contactless payments in Nigeria.
Through contactless payments, he noted that, financial transactions can be consummated without physical contact between the payer and acquiring devices, even as it is an innovative payment option for safe and efficient conduct of low-value, large-volume payments. This, alongside other payment initiatives, he stressed, have helped open a vista of new opportunities in the payment ecosystem, saying, with these revolutionary technological developments, the market has witnessed the deployment of new payment solutions. “Artificial intelligence, quantum computing and contactless payments are some of the areas creating new opportunities for operators. The Payments System Vision (PSV) 2025, launched recently, also contains several recommendations aimed at driving implementation of some of the latest technologies to ensure the system’s resilience and safety,” he emphasised. Stressing that the Nigerian payments and financial services sector is ranked among the best in terms of innovation, regulation and resilience, he noted that, to sustain the successes achieved, the support of all financial institutions and stakeholders is imperative. In this regard, he said, the CBN stand ready to continue to strengthen the institutional and regulatory frameworks that would encourage further development of the payments system and promote the usage of secure and credible electronic products as stipulated in the PSV 2025 strategic plan.
The Arab Africa Trade Bridges (AATB) Program and the Federal Republic of Nigeria formalized a partnership with the signing of the AATB Membership Agreement, officially welcoming Nigeria as the Program’s newest member country. The signing ceremony took place in Abuja on the sidelines of the 5th AATB Board of Governors Meeting, hosted by the Federal Government of Nigeria.
The Membership Agreement was signed by Eng. Adeeb Y. Al Aama, the CEO of the International Islamic Trade Finance Corporation (ITFC) and AATB Program Secretary General, and H.E. Mr. Wale Edun, Minister of Finance and Coordinating Minister of the Economy, Federal Republic of Nigeria. The Agreement will provide a strategic and operational framework to support Nigeria’s efforts in trade competitiveness, promote export diversification, strengthen priority value chains, and advance capacity-building efforts in line with national development priorities. Areas of collaboration will include trade promotion, agribusiness modernization, SME development, businessmen missions, trade facilitation, logistics efficiency, and digital trade readiness.
The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, called for deeper trade collaboration between African and Arab nations, stressing the importance of value-added Agribusiness and industrial partnerships for regional growth. Speaking in Abuja at the Agribusiness Matchmaking Forum ahead of the AATB Board of Governors Meeting, the Minister said the shifting global economy makes it essential for African and Arab nations to rely more on regional cooperation, investment and shared markets.
He highlighted projections showing Arab-Africa trade could grow by more than US$37 billion in the next three years and urged partners to prioritize value addition rather than raw commodity exports. He noted that Nigeria’s growing industrial base and upcoming National Single Window reforms will support efficiency, investment and private-sector expansion.
“This is a moment to turn opportunity into action”, he said. “By working together, we can build stronger value chains, create jobs and support prosperity across our regions”, Edun emphasized. “As African and Arab nations embark on this journey of deeper trade collaboration, the potential for growth and development is vast. With a shared vision and commitment to value-added partnerships, we can unlock new opportunities, drive economic growth, and create a brighter future for our people.”
Speaking during the event, Eng. Adeeb Y. Al Aama, Chief Executive Officer of ITFC and Secretary General of the AATB Program, stated: “We are pleased to welcome Nigeria to be part of the AATB Program. Nigeria stands as one of Africa’s most dynamic and resilient economies in Africa, with a rapidly expanding private sector and strong potential across agribusiness, energy, manufacturing, and digital industries. Through this Membership Agreement, we look forward to collaborating closely with Nigerian institutions to strengthen value chains, expand regional market access, enhance trade finance and investment opportunities, and support the country’s development priorities.”
The signing of this Agreement underscores AATB’s continued engagement with African countries and its evolving portfolio of programs supporting trade and investment. In recent years, AATB has worked on initiatives across agribusiness, textiles, logistics, digital trade, export readiness under the AfCFTA framework, and other regional initiatives such as the Common African Agro-Parks (CAAPs) Programme.
With Nigeria’s accession, the AATB Program extends it’s presence in the region and adds a key partner working toward advancing trade-led development and fostering inclusive economic growth.
Federal Executive Council (FEC) has approved the 2026–2028 Medium-Term Expenditure Framework (MTEF), a key fiscal document that outlines Nigeria’s revenue expectations, macroeconomic assumptions, and spending priorities for the next three years. The approval followed Wednesday’s FEC meeting presided over by President Bola Tinubu at the State House, Abuja. The Minister of Budget and Economic Planning, Senator Atiku Bagudu made this known after the meeting.
The Minister said the Federal Government is projecting a total revenue inflow of N34.33 trillion in 2026, including N4.98 trillion expected from government-owned enterprises. Bagudu said that the projected revenue is N6.55 trillion lower than earlier estimates, adding that federal allocations are expected to drop by about N9.4 trillion, representing a 16% decline compared to the 2025 budget.
He said that statutory transfers are expected to amount to about N3 trillion within the same fiscal year. On macroeconomic assumptions, FEC adopted an oil production benchmark of 2.6 million barrels per day (mbpd) for 2026, although a more conservative 1.8 mbpd will be used for budgeting purposes. An oil price benchmark of $64 per barrel and an exchange rate of N1,512 per dollar were also approved.
Bagudu said the exchange rate assumption reflects projections tied to economic and political developments ahead of the 2027 general elections. He said the exchange rate assumption took into account the fiscal outlook ahead of the 2027 general elections.
The minister said that all the parameters were based on macroeconomic analysis by the Budget Office and other relevant agencies. Bagudu said FEC also reviewed comments from cabinet members before approving the Medium-Term Fiscal Expenditure Ceiling (MFTEC), which sets expenditure limits. Earlier, the Senate approved the external borrowing plan of $21.5 billion presented by President Tinubu for consideration The loans, according to the Senate, were part of the MTEF and Fiscal Strategy Paper (FSP) for the 2025 budget.
The spot rate on Nigerian Treasury bills has been increased by 146 basis points by the Central Bank of Nigeria (CBN) following tight subscription levels at the main auction on Wednesday. The spot rate on Treasury bills with one-year maturity has now surpassed Nigeria’s 16.05% inflation by 145 basis points following a recent decision to keep the policy rate at 27%.
The Apex Bank came to the primary market with N700 billion Treasury bills offer size across standard tenors, including 91-day, 182-day and 364 day maturities. Details from the auction results showed that demand settled slightly above the total offers as investors began to seek higher returns on naira assets despite disinflation.
Total subscription came in at about N775 billion versus N700 billion offers floated at the main auction. The results showed rising appetite for duration as investors parked about 90% of their bids on Nigerian Treasury bills with 364 days maturity. The CBN opened N100 billion worth of 91 days bills for subscription, but the offer received underwhelming bids totalling N44.17 billion.
The CBN allotted N42.80 billion for the short-term instrument at the spot rate of 15.30%, the same as the previous auction. Total demand for 182 days Nigerian Treasury bills settled at N33.38 billion as against N150 billion that the authority pushed out for subscription. The CBN raised N30.36 billion from 182 days bills allotted to investors at the spot rate of 15.50%, the same as the previous auction.
Investors staked N697.29 billion on N450 billion in 364-day Treasury bills that was offered for subscription. The CBN raised N636.46 billion from the longest tenor at the spot rate of 17.50%, up from 16.04% at the previous auction.
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