E-Financial
CBN Asks Nigerians to Embrace e-Naira to Curb Fake Alerts
Central Bank of Nigeria (CBN) has charged the banking public to key into its e-Naira platform to avoid fake mobile money transfers.
Mr Godfrey Boyor, Lagos branch Controller, stated this during the e-Naira Sensitisation for traders, bureaux de change, socio-cultural groups, and other stakeholders, organised in collaboration with Bizi Mobile Cashless Consultant Limited in Lagos.
He said that the e-Naira is designed with the best security and monitoring procedure that mitigate against fraud. So there will be no fraudulent transfer; no fraudulent alert. Nobody can deceive you with e-Naira transaction. It is fool proof.”
Boyor explained that the apex bank used the Oshodi Market because of its unique nature, strategic location, size, diversity and heterogeneity. “We believe from here, we can reach the whole of Lagos and by extension, the whole of Nigeria. And the whole world at large,” he stated.
Urging Nigerians to onboard the digital currency platform, he added: “We encourage you to actively participate in the e-Naira campaign. Tell your friends , tell your customers , download the e- Naira application, install it in your handsets, fund the e-Naira Wallet, use it and enjoy it and let me assure you of the backing of CBN, which is 100 per cent guaranteed. We don’t go for what is not good. If there is any issue arising, we assure you, we will do our best to make sure no innocent person suffers a dime loss.
“The e-Naira was launched by President Muhammadu Buhari. It was the first to be launched in the whole of Africa and among the earliest in the whole world. The e-Naira is also called the Giant Naira and the wallet is often referred to as the speed wallet.
“Why are we canvassing for the e-Naira? Like I said, it is designed for you; to suit you.Now there is enough room for every one of us to enjoy very reliable, efficient banking services.The process is very easy and simple for anyone to be able to benefit and enjoy. We are working on this more and more. The e-Naira is also 100 per cent local and it is 100 per cent global. It is made in Nigeria for Nigerians and it can interface with any applications and any banking system all over the world, both for individual transactions as well as for corporates.” As for its features, he explained: “The e-Naira is very fast for transactions and also for Diaspora remittances. If you want to receive money from abroad, e-Naira is there for you; very cheap, direct.It also helps government to reach the people too and it helps us to make local payments. As we said, we are giving assurance that it is very secure, so secure.For business, the e-Naira is very good for us and it is easy to help you make your sales. You can easily make your sales through the e-Naira and get the payment. The issue of receiving money with fake currency , that is, they buy money from you and the money is counterfeit, that will not be there. With the e-Naira, there is no counterfeit, your money is intact, marks one to one, what is in your pocket, what is in your bank account, then you can do any transaction . And you wont run out of cash. The issue of I don’t have money , I want to buy something or I don’t have change, all those issues will be eliminated.
“It is also good for government too to transact financial services and to interface with the people, even people that are in remote places. These days that many people have phones, no matter the type of phone you have, you will be able to download and use the e-Naira and get money and access it anywhere. No situation where they say the transaction did not go through. Once your transaction is gone from your own end, it reaches the other person at the same time. Those that suffer financial exclusion, this is an opportunity for you. E-Naira is there to include everybody. You don’t have to have million before you can open e-Naira wallet. With N100; N200, you can get a wallet.”
In his address, Dr Aminu Bizi, managing director of Bizi Mobile Cashless Consultant Limited, said e-Naira would soon take over Points of Sale (PoS) business in the country, adding that there is a lot of opportunities that the CBN gave for people to make money out of the e-Naira. “Today, you can be a merchant, a merchant aggregator to CBN. Push the product and see them with figure.And you make money from every e-Naira wallet that you open.”
Chief Obinna Umeh, secretary of one of the market associations in Kairo Market Oshodi, said one of the problems confronting the traders on daily basis is fake alert and transferring money without getting alert and not releasing goods Or carrying goods with fake alert.
“I was happy when the CBN said they would sensitise us about the e-Naira.It is a way to eliminate fraud and fake transfer in the market.”
Nigeria’s Value Added Tax (VAT) revenue surged to ₦6.72 trillion in 2024, marking an 84.6% increase from ₦3.64 trillion in 2023, according to the National Bureau of Statistics (NBS). This sharp rise reflects stronger economic activity and improved tax collection efforts across key sectors.
VAT revenue showed consistent growth throughout the year. In Q1 2024, collections stood at ₦1.43 trillion. This rose to ₦1.56 trillion in Q2, representing a 9.09% increase. Q3 recorded ₦1.78 trillion, up 14% from the previous quarter, while Q4 peaked at ₦1.95 trillion, a 9.5% rise from Q3.
In Q4 alone, VAT collections totaled ₦1.95 trillion, with domestic VAT payments contributing ₦917.40 billion, non-import foreign VAT at ₦554.68 billion, and import VAT at ₦474.75 billion. Domestic VAT remained the largest source, indicating strong local business activity and consumer spending.
Several sectors posted significant quarter-on-quarter growth in Q4. Extraterritorial organisations and bodies saw a dramatic rise of 180.05%, followed by agriculture, forestry and fishing at 70.83%, and human health and social work at 46.13%. These gains suggest increased operational scope, improved compliance, and possibly targeted government incentives.
However, not all sectors fared well. Households as employers and self-use production contracted by 28.97%, while the information and communication sector declined by 23%. The drop in ICT may reflect shifting market dynamics or regulatory headwinds affecting digital services.
Overall, the surge in VAT revenue signals a positive fiscal outlook for Nigeria, with implications for budgetary planning, infrastructure investment, and social services funding. It also highlights the importance of sector-specific monitoring to sustain momentum and address emerging challenges.
Federal Inland Revenue Service (FIRS) has commenced an electronic invoicing solution (e-invoicing) aimed at transforming digital tax administration and revolutionising tax payment in Nigeria.
The e-invoicing system, also known as the Merchant-Buyer Model, is designed to make tax compliance easier, faster and more transparent for all categories of taxpayers.
A statement by Dare Adekanmbi, special adviser on Media to Zacch Adedeji, chairman, FIRS, said the solution went live on August 1, following a successful pilot phase which began in November 2024.
According to the statement, large taxpayers, which are companies with annual turnover of N5 billion and above, are the first to be onboarded. In less than two weeks after the initiative went live, no fewer than 1,000 companies, representing 20 per cent of over 5,000 eligible firms, have embraced the solution and commenced integration with the FIRS MBS platform.
It noted that the remaining large taxpayers are expected to come onboard on or before November 1, the deadline for all firms in the category to complete their onboarding and integration processes.
“MTN Nigeria became the first taxpayer to transmit live electronic invoices to the FIRS, officially ushering in the e-invoicing regime. Huawei Nigeria and IHS Nigeria have also concluded test transmissions and are set to go live in the coming days.
“In collaboration with the National Information Technology Development Agency (NITDA), Service Providers have been incorporated into the ecosystem to act as both System Integrators and Access Point Providers. These providers will facilitate the onboarding, integration, and invoice transmission processes for taxpayers.”
The statement commended all large taxpayers, tax consultants, and service providers for their cooperation and commitment to the success of the project.
“We also acknowledge the genuine efforts of many taxpayers who strove to meet the 1st of August 2025 deadline but encountered operational constraints.
“In the spirit of encouraging voluntary compliance, the FIRS management has graciously approved a three-month extension of the deadline, with the new deadline now set for 1st November 2025.
“The FIRS e-Invoicing Implementation Team will continue to provide support through stakeholder engagements, including webinars, workshops, and town hall meetings, to ensure a seamless transition for all large taxpayers,” it added.
The national e-invoicing solution is an electronic fiscal system (EFS) developed by FIRS to provide real-time visibility into commercial transactions and ensure the authenticity, accuracy and completeness of invoices.
It is being implemented in phases, starting with large taxpayers, with medium and emerging groups to follow.
The initiative aligns with global best practices and supports the Federal Government’s broader objectives of enhancing revenue assurance, reducing tax evasion, and modernising tax administration.
It is also a critical tool in the implementation of the Nigeria Revenue Services Reform Act, which seeks to harmonise revenue reporting and establish a single source of truth for government revenues.
First Securities Brokers Limited, the stockbroking subsidiary of First Holdco Plc, recently announced its impressive performance in the latest Nigerian Exchange (NGX) Broker Performance Report. The firm secured first place in terms of trading volume and value of transactions for the month of July, 2025.
According to the report, First Securities Brokers Limited displayed strong trading activity and strategic market positioning, further solidifying its reputation as a significant player in the capital and equities market.
Fiona Ahimie, Chief Executive Officer and Managing Director of First Securities Brokers Limited expressed her pleasure at the firm’s achievement of a trading value of ₦414.457 billion, which accounts for 22.80% of the total trading value reported by the NGX during the review period. This performance highlights the effectiveness of the integrated model promoted by First Holdco Plc.
The Holding Company’s strategic focus on synergy within the Group played a crucial role in enhancing the performance of First Securities Brokers Limited.
“This remarkable achievement reflects the hard work and dedication of our entire workforce, as well as the trust our clients continue to place in us. It underscores our growing influence and effectiveness in the Nigerian equities market,” she added.
“Our focus on providing innovative and seamless trading solutions, coupled with deep market expertise, has been crucial to driving this success. We are not just a brokerage firm; we are strategic partners in our clients’ financial journeys. This recognition further motivates us to deliver exceptional value.”
“We remain committed to creating long-term value for our clients and stakeholders. Building on this momentum, we will continue to enhance our service offerings and further establish our position as a key driver of growth and development in the Nigerian financial market.”
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