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E-Financial

Naira Crashes to N473//$1 @ Black Market on Dollar Scarcity

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The Naira dipped further on Thursday the dollar at the investor’s window, closing at N390.7 to a dollar from N388.7traded on Wednesday.

Naira Crashes to N473//$1 @ Black Market on Dollar Scarcity

At the parallel market, it fell to another new 3-year low closing at N473/$1.

Since the COVID-19 pandemic and the shortfall in proceeds from the sale of oil, a critical segment of the FX market, Bureau De Change operators never received their weekly FX interventions from the Apex bank.

Nigeria operates a multiple exchange rate policy and efforts at unification of rates has become a challenge that the regulatory authorities need to surmount.

On Wednesday, Bloomberg reported that Nigeria’s dollar shortage is getting worse with the naira weakening at the black market and banks restricting the spending limit of dollars by their customers abroad using naira debit cards.

An analyst at Investment one, Douye Mac-Yoroki, said, ‘’A lot of the challenges right now are due to a shortfall in liquidity. The Central Bank is holding on to as much dollars as it can, given that inflows are not coming the way they did previously. Customers who can’t obtain dollars from the Central Bank or other official sources are being forced into the parallel market, pushing the rate higher.’’

The low forex inflow is primarily due to low remittances and low oil prices (which accounts for about 90% of the country’s foreign exchange earnings) triggered by the coronavirus pandemic.

This is also compounded by the suspension of sales of foreign exchange to Bureau De Change (BDCs) operators.


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E-Financial

Nigerian Banks End Years of Embargo, Resume Intl Transactions on Naira Cards 

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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.

Nigerian Banks End Years of Embargo, Resume Intl Transactions on Naira Cards 

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.


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E-Financial

Flutterwave Secures 20 more US Money Transmitter Licences

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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).

Flutterwave Secures 20 more US Money Transmitter Licences

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.

 


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E-Financial

Court Affirms NIBSS Authority to Manage BVN

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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.

Court Affirms NIBSS Authority to Manage BVN

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.


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