E-Financial
NBS Report: Web of Alternative Forex Blocks Economic Recovery- Otunuga

Lukman Otunuga, an economic expert with penchant in the currency market, has rued that Nigeria’s web of alternative foreign exchanges remains a major stumbling block to a sustainable economic recovery while also effectively repelling FDI.
Otunuga, a research analyst at FXTM was reacting to a detailed data released from the National Bureau of Statistics, in the fourth quarter of 2016, showing the nation’s Gross Domestic Product (GDP) contracted by -1.30 per cent (year-on-year) in real terms, from N18,533.75 billion in Q4 2015 to N18,292.95 billion in Q4 2016.
He aligned with the school of thought that the Gross Domestic Product (GDP) of the Nigerian economy has continued to dwindle due to factors ranging from weaker inflation, induced consumption demand, an increase in pipeline vandalism, significant reduced foreign reserves and a concomitantly weaker currency and problems in the energy sector such as fuel shortages and lower electricity generation.
According to Otunuga, “Nigeria’s full-year economic contraction of -1.5% for 2016 continues to highlight how the terrible combination of depressed oil prices, foreign exchange shortages and overall sluggish economic fundamentals have exposed the nation to downside shocks”.
Meanwhile, the NBS report shows the decline was less severe than the decline recorded in the previous quarter, of -2.24 per cent, but was nevertheless lower than the growth rate recorded in the final quarter of 2015, of 2.11 per cent.
Quarter-on-quarter, real GDP increased by 4.09 per cent, which partly reflects seasonal factors as well as a rise in the general price level.
For the full year 2016, the GDP contracted by -1.51%, indicating real GDP of N67,984.20 billion for the year. Nominal GDP was N29,292,998.54 million at basic prices in the fourth quarter of 2016, which represents year on year nominal growth of 12.97 per cent.
In contrast to real growth, this is 5.84 per cent points higher than the rate recorded in the same quarter of 2015, implying that the GDP deflator increased faster than the earlier period. For full year 2016, aggregate nominal GDP stood at N101,598,482.13 compared to N94,144,960.45.
During the period under review, oil sector contributed 8.07 per cent to the growth of the GDP with an estimated production of 1.90million barrels per day.
However, for the full year, oil production was estimated to be 1.833million barrels per day, compared to 2.13million barrels per day in 2015.
The reduction was largely due to vandalism in the Niger Delta region and as a result, the sector contracted by -13.65 per cent, a more significant decline than that in 2015 of -5.45 per cent which reduced the oil sectors share of real GDP to 8.42 per cent in 2016, compared to 9.61 per cent in 2015.
The non-oil sector contributed its share of GDP to 92.85 per cent from 91.94 per cent in the fourth quarter of 2015.
Commenting on the report, Otunuga said, “Nigeria’s full-year economic contraction of -1.5% for 2016 continues to highlight how the terrible combination of depressed oil prices, foreign exchange shortages and overall sluggish economic fundamentals have exposed the nation to downside shocks. While the outlook for Nigeria still remains bearish in the short term, it must be kept in mind that markets have acknowledged that the nation is currently in the process of a critical structural transformation”.
He however, added that since the start of the year, the positive report of a successful Eurobond issue coupled with recent interventions from the CBN has bolstered investor risk sentiment towards the nation.
“It should be understood that Nigeria’s web of alternative foreign exchanges remains a major stumbling block to a sustainable economic recovery while also effectively repelling FDI. While recent reports of the CBN releasing an additional $180 million to the forex markets in an effort to ease business transactions may strengthen the Naira further, speculations are rife over the central bank devaluing the local currency to improve liquidity and regain more stability”.
E-Financial
Nigerian Banks End Years of Embargo, Resume Intl Transactions on Naira Cards

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.
E-Financial
Flutterwave Secures 20 more US Money Transmitter Licences

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.
E-Financial
Court Affirms NIBSS Authority to Manage BVN

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.
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