E-Financial
CBN Prints N177Bn New Naira Notes, Destroys N1.8Trillion Others
Central Bank of Nigeria (CBN) has said a sum of N176.9bn was spent to print banknotes between 2015 and 2018.
This came as the apex bank also said that it destroyed unfit Naira currency notes worth N1.89tn in two years, 2017 and 2018.
These were disclosed in the 2018 annual report of the Currency Operations Department of the CBN.
According the CBN, N64bn was spent to print banknotes in 2018, compared with N49.5bn in 2017, indicating an increase of N14.5bn.
The CBN in 2016 spent N33.37bn on printing banknotes as against N30.09bn in 2015.
The Currency Operations Department of the apex bank was confronted with a number of operational challenges, which included the sale of newly minted naira notes; poor handling habits of banknotes by the public; hoarding of the naira and high cost of currency management.
Other constraints were the rising cases of counterfeiting of the higher denomination banknotes; public apathy towards the use of coins; disposal of banknotes waste in an unfriendly manner, and banknotes inter-leafing and other shortages discovered in the deposits of Deposit Money Banks and Bankers Warehouse.
The report disclosed that “a total of 119,663 pieces of counterfeit notes with a nominal value of N98.82m was recorded in 2018.
“This indicated a decline of 1.30 per cent in volume and an increase of 5.77 per cent in value, when compared with 118,126 pieces with a nominal value of N93.43m recorded in 2017.
“The ratio of counterfeit notes to the volume of banknotes in circulation was 18 pieces per million, compared to 16 pieces per million banknotes discovered in 2017.”
The report disclosed that N500 and N1000 denominations remained the most commonly counterfeited banknotes, which accounted for 65.29 per cent and 34.49 per cent, respectively of the total discovered counterfeit notes.
It stated, “The increasing trend of counterfeiting of higher denomination banknotes underscores the need for more concerted efforts in managing the risk.
“The bank will, however, sustain its publicity campaign, collaborative efforts with security agencies and collation of data on counterfeits to mitigate the incidence of counterfeiting.”
The report explained that out of the total order of 3,351.34 million pieces of banknotes, the Nigerian Security Printing and Minting Plc delivered 2,653.31 million pieces or 79.17 per cent as of the end of December 2018, leaving a balance of 698.03 million pieces or 20.83 per cent.
“In addition, the company, under a domestication arrangement, delivered 22.89 million pieces of Nigeria’s N100 commemorative centenary banknotes, awarded in 2014 to Crane Currency Sweden. As of December 31, 2018, a total of 992.50 million pieces or 99.3 per cent had been delivered. However, the NSPM had written to inform the bank that the balance of 7,460,000 pieces was part of the waste generated during the printing process involved in the domestication.”
The currency department of the CBN sustained the disposal operations in 2018 to ensure the circulation of clean banknotes.
“In pursuance of this objective, the department deployed 12 banknote destruction systems and four currency disintegrating systems for currency disposal activities during the period under review.
On the destruction of unfit notes, the CBN said “As at the end of December 2018, a total of 1,810.54 million pieces or 181,054 boxes valued at N915,075.17 million was disposed, compared with 2,575.18 million pieces or 257,501 boxes valued at N977,231.78 million destroyed in 2017.
“The boxes of unfit notes disposed in 2018 decreased by 76,447 boxes, while the value decreased by N62,156.62 million or 6.36 per cent compared with 257,501 boxes valued at N977,231.78 million disposed in 2017.”
Mrs Priscilla Eleje, director, Currency Operations Department, said the report showed the activities and initiatives of the department to ensure, among others, withdrawal of unfit banknotes and circulation of clean banknotes in a balanced denominational mix to meet public demand.
To maintain the integrity of the banknotes in circulation, the department, in collaboration with Deposit Money Banks, Bankers Warehouse Plc, and security agencies, continued to intensify its efforts at mitigating the incidences of counterfeiting during the period under review.
A total of 119,663 pieces of counterfeit notes with a nominal value of N98.82m was recorded in 2018.
This indicated a decline of 1.30 per cent in volume terms and an increase of 5.77 per cent in value terms, when compared with 118,126 pieces with a nominal value of N93.43m recorded in the corresponding period of 2017.
It added, “The ratio of counterfeit notes to volume of banknotes in circulation was 18 pieces per million, compared to 16 pieces per million banknotes discovered in 2017.
“The N500 and N1,000 denominations remained the most commonly counterfeited banknotes, which accounted for 65.29 per cent and 34.49 per cent respectively of the total counterfeit notes discovered.”
Currency-in-Circulation grew by 0.8 per cent to N2.32tn at the end of December 2018.
The growth in CIC reflected the high dominance of cash in the economy and increase in economic activities.
A breakdown of the CIC indicated that, in terms of volume and value, the proportion of higher denomination banknotes (N100, N200, N500 and N1,000) in total rose from 41.9 to 44.3 per cent and 96.9 to 97.6 per cent, respectively.
The lower denomination currency notes continued to be preponderant in terms of volume, constituting 55.7 per cent of the total.
In value terms, it constituted 2.4 per cent of the total banknotes.
Nigerian banks have resumed international transactions on naira-denominated debit cards, marking a significant shift in banking operations for customers who rely on foreign payments.
This is coming nearly three years of suspension.
United Bank for Africa (UBA) and Wema Bank, in separate communications to their customers, announced the restoration of international payment services on their naira cards.
In a notice to its customers, UBA said the reactivation of international transactions on its premium naira cards aligns with its commitment to delivering improved and seamless banking experiences.
“We are pleased to inform you that all UBA Premium Naira Cards, including Gold, Platinum, and World variants, are now enabled for international transactions,” the bank stated.
“This means you can now use your Premium Naira Card for global payments — including online shopping, POS, and ATM transactions — with ease and flexibility. If you haven’t used your card recently, now is a great time to rediscover the convenience and prestige that comes with being a UBA premium cardholder.”
Similarly, Wema Bank announced that its customers can now make dollar payments on international platforms using their naira Mastercards.
“Your Wema Naira Mastercard just went global!” the bank said. “Now you can pay in dollars on all your favourite international platforms — Amazon, eBay, AliExpress, Netflix, Spotify, YouTube.”
The development marks a major relief for Nigerian customers who have had to rely on dollar cards or alternative payment methods since most banks suspended international usage of naira cards in 2021 due to foreign exchange scarcity.
Flutterwave, Africa’s leading payments technology company, today announced the relaunch of its flagship remittance solution, Send App, across U.S. states following its newly acquired Money Transmitter Licences (MTLs).
This comes after Flutterwave secured 20 additional MTLs in the U.S., adding to the 14 licenses the brand has held since 2023.
Altogether, this achievement raises Flutterwave’s total number of direct licenses to 34, allowing the company to operate across many U.S. states and territories without partners or intermediaries.
Users in the U.S. can now send money to Nigeria, Ghana and Egypt, unlocking new remittance corridors that were previously unavailable.
Alongside this expansion, the onboarding process has been streamlined with a quick ID check, making it faster and easier for new users to get started.
Additional improvements include optimised payment support for US-issued Visa and Discover cards, enhanced security measures to safeguard transactions and maintain compliance, and improved in-app flows for a simpler, more efficient sending experience.
This return also highlights Flutterwave’s commitment to delivering a seamless, secure, and regulatory-compliant user experience for all Send App customers in the U.S. Users can now send money from DC, Georgia, Maryland, North Carolina, Michigan, South Carolina, Tennessee.
Other U.S. states and territories where Send App by Flutterwave supports outward remittances include Alaska, Arizona, Arkansas, Delaware, Idaho, Illinois, Indiana, Iowa, Louisiana, Maine, Minnesota, Mississippi, and Missouri, Nebraska, New Hampshire, New Mexico, North Dakota, Oklahoma, Oregon, Puerto Rico, Rhode Island, South Dakota, Utah, Washington, West Virginia, Wisconsin, and Wyoming.
Commenting on the relaunch, Olugbenga “GB” Agboola, Flutterwave Founder and CEO, said, “By expanding our reach and enhancing our services, we are empowering millions of Africans in the U.S. to maintain strong financial ties with their home countries, support their families, and contribute to economic development across the continent. Additionally, we are staying true to our core mission of bridging Africa with the global economy and vice versa.”
Earlier this year, Flutterwave integrated Swap into Send App for seamless FX transactions and strengthened its services in Ghana by securing approval for inward remittance from the Bank of Ghana.
Federal High Court in Abuja on Friday affirmed the authority of the Nigeria Inter-Bank Settlement System (NIBSS), to manage the Bank Verification Number (BVN), database across the country, in line with the Central Bank of Nigeria (CBN), Act and other relevant banking laws.
This is according to a judgment delivered by Justice James Omotosho on Friday.
Wolemi Esan, senior advocate of Nigeria, NIBSS’s counsel, and Kofo Abdulsalam-Alada, lead counsel for the CBN, among others, had sought a restraining order to prevent any institution in Nigeria from challenging the agency’s statutory authority to maintain and manage the BVN database.
This comes as NIBSS had alleged that Digital Rights Lawyers Initiative filed multiple suits, either directly or through proxies, challenging its authority to manage the BVN database and claiming that such management violates constitutional privacy rights.
However, Justice Omotosho, delivering his judgment, said the BVN does not infringe on the constitutional right to privacy.
“The initiative does not infringe on the constitutional right to privacy but rather serves as a necessary tool for safeguarding public interest and enhancing financial security.
“NIBSS has the power to manage the BVN,” the judge said, citing relevant CBN laws.
“The court grants the reliefs of NIBSS as prayed,” he stated.
Nigerian Banks End Years of Embargo, Resume Intl Transactions on Naira Cards
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