Business

CBN To Unify Payments, Begins National Domestic Scheme Implementation

Published

3 years ago

January 14, 2023

The much-touted National Domestic Card Scheme announced by the Central Bank of Nigeria (CBN) is billed to start on January 16, 2023.

The CBN, in partnership with the Nigeria Inter-bank Settlement System (NIBBS), said the scheme is to unify payments in Nigeria and bring in the unbanked population.

The card scheme is also expected to rival big industry players industry such as Mastercard and Visa.

According to NIBBS, the card will become effective on January 16, 2023.

A statement by CBN’s Director of Corporate Communications, Osita Nwanisiobi in October 2022, said that due to the size of Nigeria as Africa’s largest and most vibrant economy and speed of digitisation and innovation including the expansion of mobile access and proactive policy initiatives of the apex bank, it is important to accelerate the adoption of digital financial services.

Nwanisiobi said: “Considering the strength and breadth of its banking sector and the rapid growth and transformation of its payments system over the last decade, Nigeria is ideally positioned to successfully launch a national card scheme.

“Domesticating our card scheme also enhances data sovereignty, enabling the development of locally relevant products and services and reduces demands on foreign exchange.”

CBN lists functions of the card.

The CBN spokesman also said the card could also be used as a platform to disseminate government-to-person payments and other social initiatives to enhance financial access and support the growth of a strong and inclusive digital economy, according to reports.

The card would be delivered via NIBBS, the country’s central switch system in partnership with the Bankers Committee and other industry players.

“It will foster innovation within the Nigerian domestic market, while enabling African and international interoperability, allowing banks and other institutions to offer a variety of solutions including debit, credit, virtual, loyalty and tokenized cards amongst others,” he said.

Part of the plan for the card is to reduce dependence on cash transactions, improve fraud management and better dispute management around card operating systems, Premium Times said.

The CBN added that the card will incorporate products such as debit cards, credit cards and non-interest cards, among others.

Business

Naira Records Depreciation Against US Dollar Across Official, Black Markets

Published

11 hours ago

December 2, 2025

Editor

The naira depreciated against the dollar at the official and parallel foreign exchange markets on Monday to begin the new month on a bearish note.

Central Bank of Nigeria’s data showed that the Naira weakened to N1,448.44 on Monday, down from N1,446.74 traded on Friday last week.

This means that the naira dropped by N1.7 against the dollar on Monday when compared to Friday.

Similarly, at the black market, the Naira declined by N5 to N1,475 on Monday from N1,470 at the close of work last week.

The development comes as Nigeria’s foreign reserves stood at $44.61 billion as of November 27th, 2025.

Business

NNPCL Revenue, Profit Soar To N5.08tn, N447bn In October

Published

4 days ago

November 29, 2025

Editor

The Nigerian National Petroleum Company Limited has announced a significant revenue increase to N5.078 trillion for October 2025.

The state-owned firm disclosed this in its monthly financial report released on Saturday.

According to the financial report, from N5.078 revenue in October, the company posted a N447 profit after tax.

The figure represents a significant 19.2 percent increase in revenue from N4.26 trillion and a 106 percent rise in PAT from N216 billion in September 2025.

The report stated that from January to September, NNPCL paid N11.150 trillion in statutory payments to the federation.

Four days ago, NNPCL posted a total of N45.1 trillion as total revenue for the 2024 financial year.

Business

NNPCL Reveals Reason Behind N5.4trn Profit After Tax

Published

4 days ago

November 29, 2025

Editor

The Group Chief Executive Officer of Nigerian National Petroleum Company Limited, NNPCL, Bayo Ojulari, has explained that the state-owned firm’s N5.4 trillion profit after tax declaration in its 2024 financial statements indicates that the country has begun to reap the benefits of the Petroleum Industry Act.

He made this explanation in an interview released on NNPCL’s X account on Friday.

Recall that NNPCL declared a significant N5.4 trillion PAT from a total revenue of N45.1 trillion in 2024.

Reacting, Ojulari said the earnings result demonstrated the state-owned firm’s commitment to transparency.

“This earning is our first step in going out there to make ourselves more visible and demonstrate our commitment towards transparency. The profit of N5.4 trillion is quite significant. What that indicates is that we are beginning to reap the benefits of the Petroleum Industry Act.”

According to DAILY POST, since Ojulari’s appointment in April 2025, NNPCL has been consistent in making its monthly financial records public.