The Central Bank of Nigeria (CBN), in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS) on Tuesday officially inaugurated the Non-Resident Bank Verification Number (NRBVN) platform in Abuja.

According to the apex bank, this innovative digital gateway allows Nigerians in the diaspora to obtain a BVN remotely without the need for a physical presence in Nigeria.

The CBN Governor, Mr Yemi Cardoso, described the initiative as a milestone in Nigeria’s financial inclusion journey and a critical bridge connecting the country to its global citizens.

“For too long, many Nigerians abroad have faced difficulties accessing financial services at home due to physical verification requirements.

“The NRBVN changes that. Through secure digital verification and robust Know Your Customer (KYC) processes, Nigerians worldwide should now be able to access financial services more easily and affordably,” he said.

Cardoso described the NRBVN as a dynamic platform.

“It is not the final destination, but it is the beginning of a broader journey.

“Stakeholders across the financial ecosystem, including banks, fintechs, and International Money Transfer Operators (IMTOs) are encouraged to integrate and collaborate in shaping and refining the system as it evolves,” he said.

He said that remittance flows through formal channels increased from 3.3 billion dollars in 2023 to 4.73 billion dollars in 2024, due to recent reforms and policy shifts, including the introduction of the willing buyer, willing seller FX regime.

According to him, with the NRBVN in place, the CBN is optimistic about reaching its one billion dollars monthly remittance target.

“We are building a secure, efficient, and inclusive financial ecosystem for Nigerians globally.

“This platform is not just about financial access, it is about national inclusion, innovation, and shared prosperity,” he said.

Cardoso also reiterated the apex bank’s commitment to reducing the high cost of remittances in Sub-Saharan Africa and ensuring continued engagement with stakeholders to optimise the platform.

In his remarks, Muhammad Abdullahi, CBN’s Deputy Governor, Economic Policy Directorate, said that the NRBVN stood as a transformative tool, meticulously designed to enhance the banking experience for our diaspora community.

Abdullahi said that by providing secure, remote access to financial services, the platform simplifies the process of maintaining robust banking relationships, facilitating meaningful investments in Nigeria, and supporting the seamless flow of remittances.

” It is our firm belief that this initiative will not only strengthen economic ties, it will also foster a sense of pride and belonging among Nigerians worldwide, encouraging them to play an even greater role in our nation’s development,” he said.

The News Agency of Nigeria (NAN) reports that the inaugurated also featured a presentation by the Managing Director of NIBSS, Mr Premier Oiwoh, and a panel discussion with key industry stakeholders.

The NRBVN is part of a broader framework that includes the Non-Resident Ordinary Account (NROA) and Non-Resident Nigerian Investment Account (NRNIA).

Together, they enable access to savings, mortgages, insurance, pensions, and investment opportunities in Nigeria’s capital markets.

Under current regulations, Nigerians in the diaspora will retain the flexibility to repatriate the proceeds of their investments.

Importantly, the NRBVN system has been built with global standards in mind, incorporating stringent Anti-Money Laundering (AML) and KYC compliance protocols to ensure the integrity, transparency, and security of Nigeria’s financial system.

Every NRBVN enrollment undergoes comprehensive verification checks to safeguard against illicit financial activity, bolstering international confidence in the platform and the broader financial ecosystem.

The Central Bank of Nigeria, CBN has again raised the alarm over what it described as fraudulent claims and fictitious contracts purportedly from the apex bank.

The alert was issued in a statement signed by Mrs Sidi Ali, Hakama, Ag. Director, Corporate Communications of CBN on Monday.

Hakama said, “The attention of the Central Bank of Nigeria (CBN) has been drawn once again to the activities of individuals and groups falsely claiming to represent or act on behalf of the CBN. These actors continue to circulate fictitious offers of contracts, loans, grants, intervention funds, and other financial benefits allegedly issued or endorsed by the CBN.

“Despite the public advisory issued on November 18, 2024, through the Bank’s official channels and news outlets, these misleading schemes have persisted, targeting unsuspecting members of the public with false and deceptive narratives.

Hakama said, “The attention of the Central Bank of Nigeria (CBN) has been drawn once again to the activities of individuals and groups falsely claiming to represent or act on behalf of the CBN. These actors continue to circulate fictitious offers of contracts, loans, grants, intervention funds, and other financial benefits allegedly issued or endorsed by the CBN.

“Despite the public advisory issued on November 18, 2024, through the Bank’s official channels and news outlets, these misleading schemes have persisted, targeting unsuspecting members of the public with false and deceptive narratives.

The Federal High Court in Abuja has dismissed the request to stop the Central Bank of Nigeria (CBN) from using the  e-naira trade mark.

Justice James Kolawole Omotosho refused to grant the request put before his court by a private company, E-naira Payment Solutions Limited.

The company had dragged the CBN before the court praying for an order of interim injunction restraining the apex bank from using e-naira trade mark on the ground of lack of ownership.

It claimed that the disputed E-naira trade mark was its sole property based on the acceptance of its application for registration by the Trade Mark Registry of Nigeria.

The plaintiff claimed that its ownership of the trade mark was being threatened by the CBN’s bid to hijack the mark, adding that it would suffer irredeemable damages if the apex bank is allowed to assume ownership of the mark.

In a motion on notice marked FHC/ABJ /CS/2021, the E-naira Payment Solutions Limited asked the court to stop CBN from communicating with the United States of America Patent and Trade Mark Office on the issue of the disputed trade mark until the dispute is fully resolved.

It also pleaded with the court to stop the United States from processing the application of the CBN for formal registration of E-naira trade mark for the use of CBN and the Federal Government of Nigeria.

But the CBN in its defense pleaded with the court to reject the request on the ground that E-naira trade mark is a national asset that can only be owned and used by the Federal Government of Nigeria.

The apex bank claimed that the letter of acceptance of registration issued to the plaintiff in error by the Trade Mark Registry of Nigeria had since been voided and withdrawn through a letter dated 15th November 2021.

CBN, while describing E-naira trade mark as a National Intellectual Property, informed the court of its possession of registration certificate from the Trade Mark Registry of Nigeria in line with Section 22 of the Trade Mark Act, adding that it is on the verge of getting it registered by the United States of America Patent and Trade Mark Registry.

The bank maintained that E-naira trade mark is a sovereign asset of Nigeria that cannot be owned by an individual or private corporate body like the E-naira Payment Solutions Limited.

It faulted the ownership claims of the plaintiff adding that there was no proof of the claim in class 36 that it registered the mark with the Trade Mark Registry of Nigeria.

Contrary to the claim of the plaintiff, CBN in its defense insisted that Nigeria would suffer huge loss in her economy and her reputation in the international community.

In his ruling on the motion, Justice James Omotosho agreed with the CBN that Nigeria’s economy would suffer more damages than the plaintiff if the request is granted

The judge held that the letter written by CBN to USA Patent and Trade Mark Office not to accept the application of the plaintiff was a preservatory intent aimed at protecting Nigeria’s interest and not with malicious intent as claimed by the plaintiff.

Justice Omotosho while rejecting the request awarded a cost of N50,000 against the plaintiff to be paid to CBN before the adjourned date for the hearing of the substantive suit.

Meanwhile, the judge has fixed June 26 for hearing of the substantive matter.