Business

eNaira Records 700,000 Transactions Valued At N8bn – Emefiele

Published

3 years ago

November 2, 2022

The Governor of the Central Bank of Nigeria, Godwin Emefiele, says the eNaira has recorded 700,000 transactions valued at N8 billion since its inauguration on Oct. 25, 2021.

Emefiele said this on Wednesday in Abuja, at the 28th edition of the apex bank’s annual In-house Executive Seminar with the theme, ‘Digitalisation of Money and Monetary Policy in Nigeria’.

He was represented by the Deputy Governor, Financial System Stability, CBN, Aisha Ahmad.

The News Agency of Nigeria reports that the eNaira, CBN’s version of the Central Bank Digital Currency, was inaugurated by the President, Major General Muhammadu Buhari (retd.), on Oct. 25, 2021.

According to Emefiele, the eNaira was developed to broaden the payment possibilities of Nigerians, foster digital financial inclusion, with potential for fast-tracking intergovernmental and social transfers, capital flow and remittances.

He said the eNaira had been globally acclaimed as a success story.

“Since its launch, a total of N8 billion, consisting of over 700,000 transactions has passed through the eNaira platform.

“As part of the CBN’s effort to further integrate and broaden the usage of the eNaira, it was assigned an Unstructured Supplementary Service Data (USSD) code, enabling payments by simply dialling *997# on a mobile phone.

“I am proud to announce to you today that the eNaira has been attracting accolades across the globe as a monumental success.

“It topped the charts on retail CBDCs projects globally, as at April (PwC, 2022) and several central banks across the globe have been requesting our success template on the eNaira,” he said.

He said the story of the eNaira had been one of courage, persistence and commitment to explore new frontiers and possibilities.

He added that, as part of the digitisation drive, the apex bank had taken transformational steps in entrenching a culture of “big data” and data analytics, as tools for effective policy making.

“To this end, the CBN Data Architecture Project (CeDAP), code-named ‘Project OXYGEN’ was commissioned, with the objectives of providing a repository of a variety of data from different sources,” he said.

The CBN governor said considerable gains had been achieved on boosting financial inclusion in Nigeria.

He added that at 64.0 per cent, the inclusion rate slowed down the digital transformation wheel, as all citizens must be carried along to optimise the gains of a digital economy.

“While cash-based transactions have declined significantly in the last decade, it is still the dominant means of payment, amidst a large informal sector.

“Nigeria boasts of one of the fastest growing FinTech ecosystems in Africa, with the industry projected to grow by 12 per cent annually.

“But the technological space is still maturing, with limited market size, funding and venture capitalists, access to baseline technologies, and skills, as common features, ” he said.

Also speaking, Dr Kingsley Obiora, Deputy Governor, Economic Policy, the CBN, said that the seminar was an annual platform to brainstorm on topical economic issues.

Obiora said that the intention was to proffer policy options for the consideration of management of the CBN.

“Through the past years, the seminar has lived up to its expectations by providing significant inputs towards improving management’s decisions.

“Our gathering here today should be seen as an important avenue to critically search for fresh solutions to emerging monetary and financial challenges confronting us today,” he said.

According to him, the digitisation of money enhances the powers of the CBN to impact its monetary policy.

He added that it also had the potential to change traditional structures of the banking and financial systems, while sustaining the primary mandate of the CBN.

“The gains in the digitalisation of money spans across enhancing tax collection, social welfare transfers, and more importantly, provide benefits that would enhance the goal of cashless policy in Nigeria.

“Similarly, the digitalisation of money is very important for the facilitation of remittances, financial inclusion, financial market deepening and ultimately, economic growth,” he said.

He said that the eNaira platform had so far recorded 927,000 total downloads; 317,560 activated consumer wallets with 33 banks fully integrated and live on the platform.

“N3.0 billion has been successfully minted; N2.10 billion has been issued to financial institutions; over 3,320 merchants have successfully registered on the eNaira platform across the country.

“Over 700,000 transactions amounting to about N8 billion has been recorded on the platform; and there are over 2.5 million daily visits to the eNaira website, ” he said.

The Federal Capital Territory Minister, Alhaji Muhammad Bello, in his goodwill message, commended the CBN for the initiative to bring together experts and key stakeholders to discuss topical policy issues aimed at improving the Nigerian economy.

In an address delivered by Secretary, Economic Planning and Research Department, FCTA, Mr Agboola Dabiri, Bello also commended the CBN for being proactive in its timely introduction of the eNaira.

“The eNaira is now acclaimed as the first CBDC in Africa and one of the first retail CBDCs deployed in the world.

“It holds huge potentials for the Nigerian economy in terms of increasing cross-border trade, improving financial inclusion, strengthening social interventions, and bolstering Nigeria’s monetary policy and payments system.

“On the fiscal front, maximising the potential of digital currencies could be a panacea to the subsisting revenue challenge of government.

“It could be a tool for optimising tax revenue collection and improving public expenditure management in Nigeria,” he said.
NAN/PUNCH

Business

Full List: 82 Newly Approved, Fully Licensed BDC Operators

Published

1 week ago

December 9, 2025

Editor

The Central Bank of Nigeria (CBN) has granted final operating licences to 82 Bureaux De Change (BDC) operators under its revised regulatory framework, reinforcing warnings against transactions with unlicensed foreign exchange dealers.

In a statement on Monday, the Acting Director of Corporate Communications, Hakama Sidi-Ali, confirmed that the licences took effect on November 27, 2025, in accordance with the 2024 Regulatory and Supervisory Guidelines for BDC Operations. The guidelines require all operators to meet specified capital thresholds and regulatory conditions to qualify for licensing.

“The Central Bank of Nigeria, in exercise of its powers under the Banks and Other Financial Institutions Act (BOFIA) 2020 and the 2024 Guidelines, has granted final licences to 82 Bureaux De Change to operate with effect from November 27, 2025,” the statement read.

The apex bank emphasised that only BDCs listed on its official website are considered fully licensed, urging the public to verify the status of any operator before engaging in foreign exchange transactions.

“While the CBN will continue to update the list of Bureaux De Change with valid operating licences for public verification on our website, the Bank advises the general public to avoid dealing with unlicensed Foreign Exchange Operators,” the statement warned.

The CBN noted that operating a BDC without a valid licence constitutes an offence under Section 57(1) of the BOFIA 2020, and confirmed that legal action would be taken against non-compliant operators.

TIER 1

1 DULA GLOBAL BDC LTD

2 TRURATE GLOBAL BDC LTD

TIER 2

1 ABBUFX BDC LTD

2 ACHA GLOBAL BDC LTD

3 ARCTANGENT SWIFT BDC LTD

4 ASCENDANT BDC LTD

5 BARACAI BDC LTD

6 BERGPOINT BDC LTD

7 BRAVO MODEL BDC LTD

8 BRIMESTONE BDC LTD

9 BROWNSTON BDC LTD

10 BUZZWALLET BDC LTD

11 CASHCODE BDC LTD

12 CHATTERED BDC LTD

13 CHRONICLES BDC LTD

14 COOL FOREX BDC LTD

15 CORPORATE EXCHANGE BDC LTD

16 COURTESY CURRENCY BDC LTD

17 DANYARO BDC LTD

18 DASHAD BDC LTD

19 DEVAL BDC LTD

20 DFS BDC LTD

21 EASY CASH BDC LTD

22 ELELEM BDC LTD

23 E-LIOYDS BDC LTD

24 ELOGOZ BDC LTD

25 ENOUF BDC LTD

26 EVER JOJ GOLD BDC LTD

27 EXCEL RIJIYA FOREX BDC LTD

28 FABFOREX BDC LTD

29 FELLOM BDC LTD

30 FINE BDC LTD

31 FOMAT BDC LTD

32 GENELO BDC LTD

33 GENTLE BREEZE BDC LTD

34 GRACEFUL GLORY AND HUMILITY BDC LTD

35 GREENGATE BDC LTD

36 GREENVAULT BDC LTD

37 HAZON CAPITAL BDC LTD

38 HIGH-POINT BDC LTD

39 I & I EXCHANGE BDC LTD

40 IBN MARYAM BDC LTD

41 JOURNEY WELL BDC LTD

42 KEEPERS BDC LTD

43 KHADHOUSE SOLUTIONS BDC LTD

44 KIMMELFX BDC LTD

45 KINGSOFT ATLANTIC BDC LTD

46 M.S. ALHERI BDC LTD

47 MASTERS BDC LTD

48 MCMENA BDC LTD

49 MKOO BDC LTD

50 MKS BDC LTD

51 MR J GOLF BDC LTD

52 MUSDIQ BDC LTD

53 MZ FOREX BDC LTD

54 NEJJ BDC LTD LTD

55 NETVALUE BDC LTD

56 NEW WAVE BDC LTD

57 NOTABLE AND KINGSTON BDC LTD

58 PILCROW BDC LTD

59 RAPID BDC LTD

60 RIGHTWAY BDC LTD

61 RWANDA BDC LTD

62 SABLES BDC LTD

63 SAFETRANZ BDC LTD

64 SAMFIK BDC LTD

65 SEVENLOCKS BDC LTD

66 SHAPEARL BDC LTD

67 SIMTEX BDC LTD

68 SOLID WHITE BDC LTD

69 ST. NICHOLAS GLOBAL BDC LTD

70 TOPFIRST UNIQUE MULTICHOICE BDC LTD

71 TOPGATE BDC LTD

72 TRAVELLER’S CHOICE BDC LTD

73 TUCA GLOBAL BDC LTD

74 TURBOVA BDC LTD

75 TURN-UP BDC LTD

76 UNIGO BDC LTD

77 VICTORY AHEAD BDC LTD

78 WHITEWAY WWW BDC LTD

79 YUND GLOBAL LINK BDC LTD

80 ZAMAD FOREX BDC LTD

Business

CBN Issues 82 New BDC Licences, Moves To Curb Unregistered FX Operators

Published

1 week ago

December 9, 2025

Editor

The Central Bank of Nigeria (CBN) has granted final operating licences to 82 Bureaux De Change (BDC) under its updated regulatory framework and cautioned members of the public against engaging with unlicensed foreign exchange operators.

In a statement issued on Monday and signed by the Acting Director of Corporate Communications, Hakama Sidi-Ali, the Bank said the licences became effective on 27 November 2025. The approvals were granted under the 2024 Regulatory and Supervisory Guidelines for BDC Operations in Nigeria.

The CBN stressed that only BDCs listed on its official website are recognised as licensed operators. It encouraged the public to verify the licensing status of BDCs before engaging in any foreign exchange transactions.

The Bank reiterated that running a BDC without proper authorisation constitutes an offence under Section 57(1) of the BOFIA 2020. It stated that enforcement actions would be taken against violators.

The licensing exercise forms part of the CBN’s broader initiative to reform the foreign exchange market and ensure that only compliant operators participate in the sector. Under the 2024 guidelines, which took effect in June 2024,
all BDCs are required to reapply for Tier 1 or Tier 2 licences.

The guidelines stipulate minimum capital requirements of ₦2 billion for Tier 1 and ₦500 million for Tier 2, along with non-refundable licensing fees of ₦5 million and ₦2 million, respectively.

The CBN said it would continue its efforts to maintain order and transparency in the foreign exchange market.

Business

JUST IN: CBN Removes Cash Deposit Limits, Raises Weekly Withdrawal To N500,000

Published

2 weeks ago

December 3, 2025

Editor

The Central Bank of Nigeria (CBN) has removed cash deposit limits and also increased the weekly cash withdrawal limit from N100,000 to N500,000.

The CBN made this known in a circular to all banks and other financial institutions, signed by Dr Rita Sike, Director, Financial Policy and Regulation Department.

Sike said that the revisions formed part of ongoing efforts to moderate the rising cost of cash management and address security concerns.

According to her, it will also curb money laundering risks associated with heavy reliance on cash.

She said that the cash-related policies previously issued in response to evolving circumstances were aimed at reducing cash usage and promoting the adoption of electronic payment channels.

“However, with time, the need to streamline and update these provisions to reflect present-day realities became necessary,” she said.

She said that with effect from Jan. 1, 2026, the cumulative deposit limit would be removed and the fee previously charged on excess deposits would no longer apply.

The director said that the cumulative weekly withdrawal limit across all channels has been reviewed to N500,000 for individuals and five million Naira for corporates.

“Withdrawals above these thresholds will attract excess withdrawal charges as specified,” she said. “The special monthly authorisation that allowed individuals to withdraw five million Naira and corporates N10 million once a month has been abolished.”

She said that for Automated Teller Machines (ATMs), daily withdrawal remains capped at N100,000 per customer, with a maximum of N500,000 weekly.

She said that this formed part of the overall weekly withdrawal limit applicable to all channels, including point-of-sale (POS) transactions.

Sike said that excess withdrawals above the stipulated limits would attract three per cent for individuals and five per cent for corporate customers.

According to her, this will be shared in the ratio of 40 per cent to the CBN and 60 per cent to the operating bank or financial institution.

She directed banks to load all currency denominations in ATMs, while the existing limit on over-the-counter encashment of third-party cheques remains pegged at N100,000.

Sike said that such withdrawals would be counted as part of the cumulative weekly limit.

The director said that banks were also required to render monthly returns to the relevant supervisory departments.

She listed the departments to include the Banking Supervision Department, Other Financial Institutions Supervision Department, and the Payments System Supervision Department.

Sike said that revenue-generating accounts of federal, state, and local governments were exempted from the new withdrawal rules.

She said that accounts of microfinance banks and primary mortgage banks held with commercial and non-interest banks are also exempted from the new rules.

She, however, said that the long-standing exemption previously enjoyed by embassies, diplomatic missions, and aid-donor agencies had been removed.