E-Financial
CBN Directs Banks to Pay Diaspora Remittances to Beneficiaries in Naira

Central Bank of Nigeria (CBN) has directed International Money Transfer Operators (IMTOs) to commence remittances pay-out in both Naira and foreign exchange to beneficiaries, according to Vanguard report.
It has also directed that the Investors and Exporters’ (I&E) window foreign exchange rate should be used in determining the exchange rate for Naira pay-outs.
In a circular referenced: FED/FEM/PUB/FPC/001/004 issued by the Director of Trade and Exchange. Dr. Ozoemena Nnaji, dated July 10, 2023, the apex bank said the decision was in furtherance to an earlier circular dated November 30, 2022 with reference number: FED/FEM/FPC/01/011 which provided guidelines on the payout policy of diaspora remittances to beneficiaries.
The November 30, 2022 circular introduced the payment of dollars to beneficiaries of diaspora remittances through the designated bank of their choice and with unrestricted access to their funds.
According to the new circular, the Naira payment was only an option, in addition to United States Dollars and E-Naira in receiving Diaspora remittances.
The Circular reads in full, “Further to the circular referenced FED/FEM/FPC/01/011 dated November 30, 2022 in respect of the above subject, the Central Bank of Nigeria hereby announces Naira as a payout option for receipts of proceeds of International Money Transfers.
“Accordingly, all recipients of Diaspora remittances through the CBN-approved International Money Transfer Operators (IMTOs) on the attached list shall henceforth have the option of receiving Naira payment in addition to USD and e-Naira as payout options.
“For the avoidance of doubt, IMTOs are required to pay out the proceeds using the Investors’ & Exporters’ window rate as the anchor rate on the date of the transaction. The regulation takes effect immediately.”
Recall that CBN had, mid last month, announced the unification of all segments of the Nigerian forex market by collapsing all windows into the Investors & Exporters (I&E) window.
The move was considered part of the new administration’s efforts to improve liquidity and stability in the market by attracting foreign investors into the Nigerian economy.
Further the apex bank stopped the RT200 and the Naira4dollar remittance schemes, last month.
Under scheme introduced in 2021, the CBN, through commercial banks, paid diaspora remittance recipients the incentive of N5 for every USD1 remitted and collected by designated beneficiary.
The Naira4Dollar scheme was to incentivise remittances from Nigerians in the Diaspora and was indeed considered successful, as encouraged more remittances and a steady foreign exchange inflow into the country.
The RT200 which comprised a set of plans, policies, and programmes was designed to increase the nation’s earnings exclusively from non-oil exports to $200 billion in foreign exchange repatriation, within the next five years.
E-Financial
Moniepoint: More Customers Lament after Police Exposed Scammers Who Stole over N400m

Nigerian customers of Moniepoint, a fintech bank, have expressed widespread frustration and discontent with the company’s operations, citing numerous difficulties and challenges, according to PM News.
These complaints are coming on the heels of a recent revelation by the Nigerian Police Force, which exposed a scam involving two Nigerians who stole over N400 million using Moniepoint profiles
One such customer, Suleiman Abubakar Audu, shared his ordeal with the medium, revealing that his account, containing N522,000, had been inexplicably closed for over ten weeks.
Audu noted that despite providing all necessary documentation and repeatedly reaching out to the bank, his account remains inaccessible.
He further lamented that the situation has left him under significant financial stress.
Audu said: “Moniepoint blocked my account for over 10 weeks. I have provided all the necessary information but till now they didn’t release my account.”
He claimed that the bank also failed to provide any meaningful update.
Audu further lamented, saying: “I messaged them via all the handle begging for their reply and they keep telling me issues have been prioritised. I call them via phone call almost each and every day. They are just promising that it will be resolved and update will be provided via mail and till now no any update in the mail. They are just playing me around and I don’t even know the dimension of the issue.”
However, Audu’s experience is not an isolated incident as further investigations by PM News uncovered multiple customers facing similar challenges with Moniepoint.
Busayo Busayo, another disgruntled customer, reported that N50,000 had been deducted from her account since October 2024, with no refund forthcoming.
“Moniepoint na ole (are thieves). Since Oct, my 50k still dey with no refunds. Every time I chat them, different story,” she exclaimed.
Kelvin Doris, a student, also shared her frustrating experience, stating that a refund from Moniepoint to his UBA account had been delayed, leaving him without funds for his school fees.
“I did a refund on Monday from my Moniepoint to UBA, but I have not seen the money,” Doris stated.
Adeboye, another customer, alleged that Moniepoint had allowed someone to use his phone number to open an account in his name, raising concerns about the bank’s security measures.
He said: “Someone is using my number and account for moniepoint, OTP was sent to me twice when I didn’t request for it. I just ignored because I know it’s a work of scammers. next I see is congratulations your password was reset, and I was told that the account has been upgraded to merchant level.”
Orimisan Olakolegan, a Facebook user, also shared his experience, stating that his money had been stuck in Moniepoint since February 4, 2025, without any resolution.
“My money have stuck in moniepoint and their client since 4th February 2025 without any review,” Orimisan alleged.
In light of these allegations, customers urged the Federal Government of Nigeria and the Central Bank of Nigeria to investigate Moniepoint’s operations and address the numerous challenges faced by its customers.
The affected individuals also called for prompt action to rectify the situation and prevent further hardship.
E-Financial
CBN Orders Bank Directors with Insider Bad Loans to Resign

Central Bank of Nigeria (CBN) has ordered bank directors with non-performing insider-related loans to step down immediately, as part of efforts to strengthen corporate governance and enhance risk management in the banking sector.

Olayemi Cardoso, Governor, Central Bank of Nigeria
The directive was issued in a circular signed by Adetona Adedeji, acting director of Banking Supervision.
Insider loans are the credit facilities granted by the bank to its executives, directors, employees, major shareholders, or other related parties.
The apex bank also directed banks to recover outstanding debts by enforcing collateral recovery and seizing shareholdings of affected directors.
Furthermore, banks must regularise all insider-related facilities within 180 days, particularly those that exceed limits prescribed in Section 19 (5) of the Banking and Other Financial Institutions Act (BOFIA), 2020, and were previously approved without specific timelines.
The CBN stated: “Directors with non-performing insider-related facilities are required to step down immediately from the board, while the bank should commence immediate remediation of the loans through the recovery of the collaterals, including the shareholdings of the affected directors.”
It also stressed the importance of compliance with Section 19 of BOFIA 2020, which limits insider-related loans:
“Banks are required to regularise within 180 days, all insider-related facilities above the limits prescribed in Section 19 (5) of BOFIA, 2020.
“Individual director-related facilities must be brought within the 5 per cent paid-up capital limit, while the aggregate insider facilities for the bank must not exceed 10 per cent of its paid-up capital.”
The CBN emphasized that compliance with these directives is effective immediately to uphold regulatory standards and corporate governance best practices.
E-Financial
CBN Orders Banks to Publish Details of Dormant Accounts, Unclaimed Balances

Central Bank of Nigeria (CBN) has directed commercial banks and other financial institutions to publish the name of the account, the type of account, the name of the bank, and the branch where the dormant account is domiciled on their official websites.
According to CBN, a dormant account refers to a bank account that has remained inactive for at least one year.
This is disclosed in a circular entitled, ‘Guidelines On Management Of Dormant Accounts, Unclaimed Balances And Other Financial Assets In Banks And Other Financial Institutions in Nigeria’ and signed by MichaeL C. Akuka, for: director, financial policy and regulation department, CBN.
As part of the new regulations, financial institutions are required to display key details such as the names of individuals authorized to operate the accounts, the type of account, and the branch where it is domiciled.
This information must be made available on their official websites.
For other financial institutions (OFIs) that do not have dedicated websites, CBN has mandated that the information be published on the website of their respective industry associations.
“In furtherance thereof, and in response to enquiries from stakeholders regarding the possible breach of the Nigeria Data Protection Act, 2023 (NDPA), banks and other financial institutions are required to note the following,” CBN stated.
“1. Section 25 (b) of the NDPA permits justifiable deviations from the general principles of the Act. Also, Section 72.
“ (ii) of the Banks and Other Financial Institutions Act mandates the Central Bank of Nigeria to issue Guidelines on the administration of unclaimed funds in banks and other financial institutions.
“2. Information to be published on banks’ websites as well as the association’s website (where applicable) shall include the name of the account, the type of account, the name of the bank, and the branch where the account is domiciled ONLY.
“Information to be published annually in at least two national daily newspapers or the premises of State and Unit microfinance banks, shall also convey the details as listed in (2) above.”
This directive follows an earlier order issued by CBN on July 19, 2024, requiring banks and financial institutions to transfer unclaimed balances and dormant account funds to the apex bank’s designated accounts.
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