The Central Bank of Nigeria (CBN) on Tuesday launched a new digital platform designed to simplify financial access for Nigerians in the diaspora, aiming to capture up to $1 billion in monthly remittances.
Developed in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS), the Non-Resident Bank Verification Number (NRBVN) platform allows Nigerians living abroad to obtain their BVN remotely, removing the long-standing requirement for physical presence in Nigeria.
Speaking at the launch event in Abuja, CBN Governor Olayemi Cardoso described the initiative as a major milestone in the apex bank’s financial inclusion agenda.
“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 CBN governor noted that the platform will not only improve access but also serve as a strategic tool to harness diaspora remittances, which remain a critical source of foreign exchange inflow for the Nigerian economy.
FG Lists N4.3bn Savings Bonds on NGX
Meanwhile, the Federal Government has listed two tranches of its April 2025 Savings Bonds, valued at N4.3 billion, on the Nigerian Exchange Limited (NGX).
The listings include a two-year 16.046% FGS April 2027 bond and a three-year 17.046% FGS April 2028 bond, as disclosed in a bulletin issued by NGX Regulation Limited. A total of N1.13 billion was raised through 1,135,475 units of the 2027 bond, while the 2028 tranche recorded N3.2 billion in subscriptions, amounting to 3,203,072 units.
Both bonds offer quarterly coupon payments scheduled for July, October, January, and April, with maturity dates set for April 16, 2027, and April 16, 2028. The instruments, trading under the codes FGS202787 and FGS202888, are part of government efforts to deepen retail investment participation and promote a savings culture among Nigerians.
Conoil Ships First Cargo of Obodo Crude Blend
In the energy sector, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced the successful shipment of the first cargo of the Obodo crude blend, produced by Conoil Producing Limited.
NUPRC Chief Executive, Gbenga Komolafe, described the development as a significant step for Nigeria’s upstream oil industry, particularly for indigenous operators under the production sharing contract framework with the Nigerian National Petroleum Company Limited (NNPC).
“The introduction of the Obodo crude blend further diversifies Nigeria’s export portfolio and aligns with the commission’s strategic objectives to enhance production output, maximise hydrocarbon resources, and attract investment through operational efficiency and innovation,” Komolafe said.
He added that the successful shipment is a testament to the growing capability of local oil producers and the benefits of collaborative regulatory support.
As Nigeria pushes for broader financial inclusion, stronger capital markets, and enhanced energy exports, these three developments mark a renewed momentum in efforts to reposition the economy for sustainable growth and global competitiveness.
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