- Unveils diaspora BVN platform, targets $1bn monthly remittances
The Central Bank of Nigeria recorded a net operating profit of N1.17trn in 2024—largely driven by significant net unrealised gains on foreign exchange revaluations.
The net FX gains jumped to N11.28trn from N3.47trn alongside fair value gains of N684.16bn on gold bullion.
Data from the CBN’s 2024 financials shows that currency issuance expenses surged to N238.65bn in 2024 (from N1.11bn in 2023), evincing higher cost of printing, processing, and disposal of banknotes.
This, however, translated into a 49.05% growth in the currency in circulation in 2024 compared to the 163.51% surge in 2023, indicating a more measured liquidity management strategy by the CBN.
The higher currency expense, coupled with a sharp rise in personnel expenses to N608.55bn, eroded the Bank’s profit position and resulted in an operating loss of N28.21bn.
Consequent to the CBN’s efforts to clear inherited FX backlogs, losses on settled derivative settlements—mainly from swaps, forwards, and futures—rose to N13.88trn, more than doubling the N6.25trn recorded in 2023.
With the Naira significantly weaker, settling these dollar-linked contracts came at a much higher cost.
The CBN would have ended the year in another loss-making position but for the N72.89bn share of profit from equity-accounted investees, which ultimately lifted the CBN to a modest profit after tax of N38.84bn, reversing the N1.16trn loss recorded in 2023FY.
The Bank’s external reserves made up the largest component of total asset accounting for 46.56% of the N117.60trn recorded in 2024 (from N87.87trn in 2023), while debt instruments increased by +12.91% to N29.87trn (vs. N26.46trn), representing 25.39% of the total assets.
The CBN’s external reserves grew by +6.01% YoY to $38.84bn, while the Naira value jumped by +82.49% to N54.73trn (from N29.98trn in 2023), largely reflecting the impact of Naira depreciation.
On the other hand, the non-liquid component, primarily held in gold bullion, rose by +117.9% to N2.770 trn.
Despite the value increase, the volume of gold held remained constant at 687,402 troy ounces.
This surge in value was driven by the rise in global gold prices, which climbed from $2,062.98 per ounce in 2023 to $2,624.39 per ounce in 2024.
CBN unveils non-resident BVN to connect Nigerians abroad with local banking
Meanwhile, the Central Bank of Nigeria, in partnership with the Nigeria Inter-Bank Settlement System, has introduced the Non-Resident Bank Verification Number to enhance financial connections between Nigeria and its diaspora population.
This project aims to improve banking access for Nigerians overseas, expand investment opportunities, and increase remittance flows into the country.
During the inaugural event in Abuja on Tuesday, CBN Deputy Governor for Economic Policy Muhammad Sani Abdullahi hailed the NRBVN as a transformative tool for connecting Nigerians living abroad with the domestic financial ecosystem.
“We are standing at the threshold of a new era,” Abdullahi said, addressing an audience that included the CBN Governor, banking executives, fintech leaders, international money transfer operators, regulators, and members of the press.
“The NRBVN is more than just a technological innovation; it is a bold reaffirmation of our commitment to financial inclusion, economic resilience, and national pride,” he said.
The NRBVN will provide Nigerians living abroad with secure remote access to financial services enabling them to open and operate bank accounts, invest in local opportunities, and remit money back home more efficiently.
The CBN expects this to dismantle long-standing barriers like bureaucracy and distance that have hindered diaspora engagement in Nigeria’s financial system.
“This initiative ensures that every Nigerian, regardless of geography, can be a full participant in the economic transformation of our country,” Abdullahi added.
The event included a technical breakdown by the Managing Director of NIBSS, explaining how the NRBVN platform functions.
A panel of discussion, moderated by the Deputy Governor for Financial System Stability, brought together top stakeholders including the CEOs of Zenith and Access Banks, the Chairperson of the Nigerians in Diaspora Commission and the CEO of Tap Remittance Company.
The shipment is still a main line for Nigeria, currently exceeding $ 20 billion per year. NRBVN, if it is widely applied, can significantly increase the country’s reserve and stimulate wider economic participation.
Experts praised the CBN’s pioneering strategy and emphasized the need for continuous cooperation with private partners to improve and develop the system.
“The NRBVN is not just a ceremonial launch. It is a call to action and an invitation to collaborate. We are building a bridge—one that is secure, inclusive, and dynamic. And we need your feedback, your voices, and your ideas to make it truly world-class,” Abdullahi stressed.
The Managing Director/CEO of NIBSS, Premier Oiwoh, revealed that over 300 Nigerians in the diaspora have already applied for the NRBVN.
He assured stakeholders that the system addresses key issues such as data privacy.
The Chairperson of NIDCOM, Abike Dabiri-Erewa, described the launch as a “game changer”, especially for Nigerians abroad who have struggled to access the country’s financial system.
The Managing Director/CEO of Zenith Bank, Adaora Umeoji, also echoed the sentiment, calling it a “strategic” and “game-changing” initiative.
She affirmed that Zenith Bank, a contributor to the NRBVN’s development, is prepared to onboard interested diaspora Nigerians and has trained its staff accordingly.