Banking
CBN Scraps Form A for Domiciliary Account Remittances
By Adedapo Adesanya
In a significant easing of foreign exchange (FX) procedures, the Central Bank of Nigeria (CBN) has exempted domiciliary account holders from obtaining Form A before making eligible foreign remittances.
The provision is contained in the newly issued Forex Manual (4th Edition), which took effect on June 1, 2026. Under the new framework, customers using funds already held in their domiciliary accounts can make remittances without processing Form A.
The change is expected to shorten processing times for legitimate foreign transfers and reduce paperwork for banks and customers.
Form A remains relevant for certain transactions involving the purchase of foreign exchange through the official market.
The broader manual introduces new measures covering imports, exports, travel allowances, trade finance, and foreign remittances as the CBN seeks to improve transparency and efficiency in the forex market.
The apex bank said the reforms are intended to strengthen market discipline, improve data accuracy, and support confidence in Nigeria’s foreign exchange framework.
Under the revised framework, all import transactions must be backed by a valid Form ‘M’, with strict timelines imposed for the submission of shipping and exchange control documents.
Importers are required to ensure that all documentation is genuine, verifiable, and routed through authorised banking channels, as part of efforts to eliminate trade-based money laundering and illicit capital flows.
The apex bank also standardised the exchange rate for import duty payments, directing that duties be calculated using the prevailing Nigerian Foreign Exchange Market (NFEM) rate published daily by the CBN.
In a move to limit capital flight, the manual caps advance payments for imports at 30 per cent of transaction value and places a ceiling on interest rates for trade-related credit at 0.5 per cent above the Secured Overnight Financing Rate (SOFR), with a maximum tenor of 180 days.
On the export side, the CBN has made it mandatory for all exporters to process Form NXP, regardless of the value of goods.
Export proceeds must be repatriated within 180 days for non-oil exports and 90 days for oil and gas shipments, reinforcing efforts to boost foreign exchange inflows.
The guidelines also introduce stricter inspection requirements, mandating pre-shipment verification and the issuance of Clean Certificates of Inspection before goods can be exported.
Exporters are further required to pay the Nigerian Export Supervision Scheme (NESS) levy, set at 0.5 per cent for non-oil exports and 0.12 per cent for oil and gas exports.
In addition, the manual strengthens oversight of insurance-related forex transactions, restricting foreign currency-denominated policies for residents and requiring regulatory clearance for certain offshore payments.
By Aduragbemi Omiyale
An initiative known as Nigeria Lightning Rounds, designed to expand funding opportunities for Nigerian startups and small businesses by connecting founders with local and international investors, has been launched by ProvidusUnity Bank, in partnership with US-based global venture firm and accelerator, gener8tor.
Scheduled to be held on July 15, 2026, Nigeria Lightning Rounds will feature carefully selected startups engaging with targeted investors who have expressed interest in supporting Nigerian innovation.
Participating founders will have the opportunity to pitch their businesses through focused 15-minute virtual sessions facilitated by gener8tor and ProvidusUnity Bank’s networks.
The program will focus on high-growth sectors including fintech, healthtech, manufacturing, sustainability, and AI, but welcomes SMEs from all industries, with intending participants urged to apply via https://www.gener8tor.com/lightning-rounds/nigeria.
“We recognise that access to capital remains one of the biggest challenges facing entrepreneurs in Nigeria. Through our partnership with gener8tor, we are creating a platform that connects promising Nigerian founders with investors who can provide the support required to scale their businesses,” the Head of Business Development at ProvidusUnity Bank, Mr Ernest Elue, stated.
“The partnership reinforces ProvidusUnity Bank’s commitment to strengthening Nigeria’s entrepreneurial ecosystem by supporting innovation, enabling access to opportunities, and creating pathways for businesses with high-growth potential,” he added.
Also commenting, the Director of Lightning Rounds at gener8tor, Ms Elizabeth Larios, said, “gener8tor is thrilled to partner with ProvidusUnity Bank to extend the Lightning Rounds model into Nigeria.
“This collaboration reflects our commitment to building equitable ecosystems and driving capital to the most promising and underrepresented entrepreneurs.”
Lightning Rounds are a signature initiative of gener8tor’s investment platform, which has facilitated thousands of investor-startup meetings globally. The format is optimised to eliminate friction, reduce bias in early-stage fundraising, and help founders secure capital from investors aligned with their mission and stage. gener8tor’s previous Lightning Rounds for Nigerian Founders in 2025 featured 18 participating Investors and led to 50 investment meetings facilitated.
By Modupe Gbadeyanka
The verification of the depositors of the 46 microfinance banks, whose operating licenses were revoked by the Central Bank of Nigeria (CBN) over a week ago, has commenced.
The exercise, aimed at refunding those whose funds were trapped in the small lenders, is being conducted by the Nigeria Deposit Insurance Corporation (NDIC).
In a statement on Thursday, the agency said its staff members have been positioned at the offices of the affected banks across the country to attend to depositors.
It was disclosed that depositors of the defunct banks, who had their Bank Verification Numbers (BVNs) linked to their accounts in the failed banks, will be paid through their alternative accounts in existing banks.
However, depositors whose BVNs were not linked to their accounts in the failed banks have been encouraged to visit the affected banks’ offices with proof of account ownership, a passport photograph, verifiable means of identification (Driver’s Licence, Permanent Voter’s Card, International Passport or National ID Card) and BVN.
NDIC also stated that depositors can alternatively file their claims online through its website: www.ndic.gov.ng, to complete the Pre-Verification Claims Form by clicking on the Search Bar, and typing Pre-Verification Claims Form; opening the Form and filling in their details. They can also do so by clicking the link: https://ndic.gov.ng/ndic-pre-verification-claims-form/ or by visiting any of the NDIC offices closest to them to file their claims.
For further enquiries, the corporation can be reached on any of the following lines: 09037273810, 09038197064, 08104220807, 09064657140.
By Adedapo Adesanya
Nigeria’s Bank Verification Number (BVN) enrolment has slowed significantly in 2026 following the introduction of a stricter regulatory framework by the Central Bank of Nigeria (CBN), with the latest data from the Nigeria Inter-Bank Settlement System (NIBSS) showing that registrations are on course to fall well below last year’s record.
The BVN database stood at 69.55 million as of July 5, 2026, up from 69.32 million in June, indicating that only 228,947 new registrations were recorded over the period. Since the end of 2025, when the database stood at 67.8 million, total enrolments have increased by 1.75 million.
At the current pace, however, BVN registrations are unlikely to match the 4.3 million new enrolments recorded in 2025, suggesting a sharp deceleration in growth this year.
The slowdown comes after the CBN introduced a revised BVN regulatory framework in March, with the new rules taking effect on May 1, 2026. The framework tightened controls around enrolment, identity verification and fraud monitoring as part of efforts to strengthen the integrity of the banking system.
Among the key changes was the introduction of a minimum enrolment age of 18 years, effectively preventing minors from registering for a BVN.
The new framework also limits customers to a one-time change of the phone number linked to their BVN and requires financial institutions to place BVNs linked to suspected fraudulent transactions on a temporary watch-list for up to 24 hours while investigations are carried out.
The stricter rules contrast with last year’s surge in registrations, which was largely driven by the introduction of the Non-Resident Bank Verification Number (NRBVN) initiative that enabled Nigerians in the diaspora to complete BVN enrolment remotely, removing physical barriers and expanding access to the financial system.
Launched on February 14, 2014, the BVN scheme was introduced by the CBN in collaboration with the Bankers’ Committee, NIBSS and German technology firm Dermalog to assign every bank customer a unique biometric identity that can be verified across Nigeria’s banking industry.
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