Nigeria - Revision history

imported>Doug Williamson: Removed surplus text about 31 October 2015 deadline. However, other information on this & other Treasurer's Handbook pages has not been reviewed for up to date-ness.

2022-12-07T11:16:58Z

Removed surplus text about 31 October 2015 deadline. However, other information on this & other Treasurer's Handbook pages has not been reviewed for up to date-ness.

← Older revision		Revision as of 11:16, 7 December 2022
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	The new RTGS system replaced the Central Bank Interbank Funds Transfer System (CIFTS) on 16 December 2013. It is owned and operated by the CBN. The new RTGS system is an upgrade on the CIFTS system designed to align better with global payment standards. It processes high-value and urgent, NGN-denominated funds transfers. It settles all transactions electronically, in real-time and with immediate finality during its operating hours. It also settles net balances deriving from NACS. During 2013, CIFTS processed 398,138 transactions, with a total value of NGN 101,616, representing a decline of 17.5% and 10.1% respectively on 2012.		The new RTGS system replaced the Central Bank Interbank Funds Transfer System (CIFTS) on 16 December 2013. It is owned and operated by the CBN. The new RTGS system is an upgrade on the CIFTS system designed to align better with global payment standards. It processes high-value and urgent, NGN-denominated funds transfers. It settles all transactions electronically, in real-time and with immediate finality during its operating hours. It also settles net balances deriving from NACS. During 2013, CIFTS processed 398,138 transactions, with a total value of NGN 101,616, representing a decline of 17.5% and 10.1% respectively on 2012.
	The Nigeria Inter-bank Settlement System (NIBSS) is an institution set up in 1993 to streamline payments and settlement in Nigeria, which is owned by all the licensed banks, discount houses and the CBN. NACS, was established by the CBN but is managed and operated by the NIBSS. It provides automated clearing activities for cheque payments from Abuja and Lagos, electronic fund transfers and transactions from point-of-sale (POS) terminals. Payments are usually settled on a T+2 basis (across the 36 states of the federation). Automated credit transfers are cleared and settled on a same day basis. There are various forms of electronic fund transfers including the NIBSS Fast Fund, NIBSS Electronic Funds Transfer (NEFT) which operates GIRO payments for retail transfers of banks customers, and NIBSS Instant Payments (NIP). There are also a series of non-NACS, semi-automated clearing houses for the manual processing and clearing of cheques.		The Nigeria Inter-bank Settlement System (NIBSS) is an institution set up in 1993 to streamline payments and settlement in Nigeria, which is owned by all the licensed banks, discount houses and the CBN. NACS, was established by the CBN but is managed and operated by the NIBSS. It provides automated clearing activities for cheque payments from Abuja and Lagos, electronic fund transfers and transactions from point-of-sale (POS) terminals. Payments are usually settled on a T+2 basis (across the 36 states of the federation). Automated credit transfers are cleared and settled on a same day basis. There are various forms of electronic fund transfers including the NIBSS Fast Fund, NIBSS Electronic Funds Transfer (NEFT) which operates GIRO payments for retail transfers of banks customers, and NIBSS Instant Payments (NIP). There are also a series of non-NACS, semi-automated clearing houses for the manual processing and clearing of cheques.
	The CBN introduced a centralised biometric identification system for the banking industry, a Bank Verification Number (BVN) in February 2014. The BVN is a number that enables a bank customer to have a single identity in the banking system and is aimed at strengthening the safety and reliability of the payment system. ~~The deadline for implementation of the BVN by banks for customers is 31 October 2015.~~		The CBN introduced a centralised biometric identification system for the banking industry, a Bank Verification Number (BVN) in February 2014. The BVN is a number that enables a bank customer to have a single identity in the banking system and is aimed at strengthening the safety and reliability of the payment system.


	===Payment instruments===		===Payment instruments===

imported>Doug Williamson: Undo revision 55357 by Doug Williamson (talk)

2022-12-07T11:13:07Z

Undo revision 55357 by Doug Williamson (talk)

← Older revision		Revision as of 11:13, 7 December 2022
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	The new RTGS system replaced the Central Bank Interbank Funds Transfer System (CIFTS) on 16 December 2013. It is owned and operated by the CBN. The new RTGS system is an upgrade on the CIFTS system designed to align better with global payment standards. It processes high-value and urgent, NGN-denominated funds transfers. It settles all transactions electronically, in real-time and with immediate finality during its operating hours. It also settles net balances deriving from NACS. During 2013, CIFTS processed 398,138 transactions, with a total value of NGN 101,616, representing a decline of 17.5% and 10.1% respectively on 2012.		The new RTGS system replaced the Central Bank Interbank Funds Transfer System (CIFTS) on 16 December 2013. It is owned and operated by the CBN. The new RTGS system is an upgrade on the CIFTS system designed to align better with global payment standards. It processes high-value and urgent, NGN-denominated funds transfers. It settles all transactions electronically, in real-time and with immediate finality during its operating hours. It also settles net balances deriving from NACS. During 2013, CIFTS processed 398,138 transactions, with a total value of NGN 101,616, representing a decline of 17.5% and 10.1% respectively on 2012.
	The Nigeria Inter-bank Settlement System (NIBSS) is an institution set up in 1993 to streamline payments and settlement in Nigeria, which is owned by all the licensed banks, discount houses and the CBN. NACS, was established by the CBN but is managed and operated by the NIBSS. It provides automated clearing activities for cheque payments from Abuja and Lagos, electronic fund transfers and transactions from point-of-sale (POS) terminals. Payments are usually settled on a T+2 basis (across the 36 states of the federation). Automated credit transfers are cleared and settled on a same day basis. There are various forms of electronic fund transfers including the NIBSS Fast Fund, NIBSS Electronic Funds Transfer (NEFT) which operates GIRO payments for retail transfers of banks customers, and NIBSS Instant Payments (NIP). There are also a series of non-NACS, semi-automated clearing houses for the manual processing and clearing of cheques.		The Nigeria Inter-bank Settlement System (NIBSS) is an institution set up in 1993 to streamline payments and settlement in Nigeria, which is owned by all the licensed banks, discount houses and the CBN. NACS, was established by the CBN but is managed and operated by the NIBSS. It provides automated clearing activities for cheque payments from Abuja and Lagos, electronic fund transfers and transactions from point-of-sale (POS) terminals. Payments are usually settled on a T+2 basis (across the 36 states of the federation). Automated credit transfers are cleared and settled on a same day basis. There are various forms of electronic fund transfers including the NIBSS Fast Fund, NIBSS Electronic Funds Transfer (NEFT) which operates GIRO payments for retail transfers of banks customers, and NIBSS Instant Payments (NIP). There are also a series of non-NACS, semi-automated clearing houses for the manual processing and clearing of cheques.
	The CBN introduced a centralised biometric identification system for the banking industry, a Bank Verification Number (BVN) in February 2014. The BVN is a number that enables a bank customer to have a single identity in the banking system and is aimed at strengthening the safety and reliability of the payment system.		The CBN introduced a centralised biometric identification system for the banking industry, a Bank Verification Number (BVN) in February 2014. The BVN is a number that enables a bank customer to have a single identity in the banking system and is aimed at strengthening the safety and reliability of the payment system. The deadline for implementation of the BVN by banks for customers is 31 October 2015.


	===Payment instruments===		===Payment instruments===

imported>Doug Williamson: Remove surplus text.

2022-12-07T11:11:24Z

Remove surplus text.

← Older revision		Revision as of 11:11, 7 December 2022
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	The new RTGS system replaced the Central Bank Interbank Funds Transfer System (CIFTS) on 16 December 2013. It is owned and operated by the CBN. The new RTGS system is an upgrade on the CIFTS system designed to align better with global payment standards. It processes high-value and urgent, NGN-denominated funds transfers. It settles all transactions electronically, in real-time and with immediate finality during its operating hours. It also settles net balances deriving from NACS. During 2013, CIFTS processed 398,138 transactions, with a total value of NGN 101,616, representing a decline of 17.5% and 10.1% respectively on 2012.		The new RTGS system replaced the Central Bank Interbank Funds Transfer System (CIFTS) on 16 December 2013. It is owned and operated by the CBN. The new RTGS system is an upgrade on the CIFTS system designed to align better with global payment standards. It processes high-value and urgent, NGN-denominated funds transfers. It settles all transactions electronically, in real-time and with immediate finality during its operating hours. It also settles net balances deriving from NACS. During 2013, CIFTS processed 398,138 transactions, with a total value of NGN 101,616, representing a decline of 17.5% and 10.1% respectively on 2012.
	The Nigeria Inter-bank Settlement System (NIBSS) is an institution set up in 1993 to streamline payments and settlement in Nigeria, which is owned by all the licensed banks, discount houses and the CBN. NACS, was established by the CBN but is managed and operated by the NIBSS. It provides automated clearing activities for cheque payments from Abuja and Lagos, electronic fund transfers and transactions from point-of-sale (POS) terminals. Payments are usually settled on a T+2 basis (across the 36 states of the federation). Automated credit transfers are cleared and settled on a same day basis. There are various forms of electronic fund transfers including the NIBSS Fast Fund, NIBSS Electronic Funds Transfer (NEFT) which operates GIRO payments for retail transfers of banks customers, and NIBSS Instant Payments (NIP). There are also a series of non-NACS, semi-automated clearing houses for the manual processing and clearing of cheques.		The Nigeria Inter-bank Settlement System (NIBSS) is an institution set up in 1993 to streamline payments and settlement in Nigeria, which is owned by all the licensed banks, discount houses and the CBN. NACS, was established by the CBN but is managed and operated by the NIBSS. It provides automated clearing activities for cheque payments from Abuja and Lagos, electronic fund transfers and transactions from point-of-sale (POS) terminals. Payments are usually settled on a T+2 basis (across the 36 states of the federation). Automated credit transfers are cleared and settled on a same day basis. There are various forms of electronic fund transfers including the NIBSS Fast Fund, NIBSS Electronic Funds Transfer (NEFT) which operates GIRO payments for retail transfers of banks customers, and NIBSS Instant Payments (NIP). There are also a series of non-NACS, semi-automated clearing houses for the manual processing and clearing of cheques.
	The CBN introduced a centralised biometric identification system for the banking industry, a Bank Verification Number (BVN) in February 2014. The BVN is a number that enables a bank customer to have a single identity in the banking system and is aimed at strengthening the safety and reliability of the payment system. ~~The deadline for implementation of the BVN by banks for customers is 31 October 2015.~~		The CBN introduced a centralised biometric identification system for the banking industry, a Bank Verification Number (BVN) in February 2014. The BVN is a number that enables a bank customer to have a single identity in the banking system and is aimed at strengthening the safety and reliability of the payment system.


	===Payment instruments===		===Payment instruments===

imported>Doug Williamson: Update as 2020 deadline for introducing the Eco has been missed.

2021-01-03T20:35:14Z

Update as 2020 deadline for introducing the Eco has been missed.

← Older revision		Revision as of 20:35, 3 January 2021
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	===Exchange controls===		===Exchange controls===
	Nigeria's official currency is the Nigerian naira (NGN). The NGN is subject to three separate exchange rates, with an exchange bureau, an interbank market exchange and an official exchange rate.		Nigeria's official currency is the Nigerian naira (NGN). The NGN is subject to three separate exchange rates, with an exchange bureau, an interbank market exchange and an official exchange rate.
	Due to the frequent changes in the foreign exchange operational framework the de facto exchange rate for the NGN is ‘other managed arrangement'. Nigeria belongs to the West African Monetary Zone (WAMZ), a group of six countries (Guinea, The Gambia, Ghana, Liberia, Nigeria and Sierra Leone), which intends to introduce a common currency, the Eco~~, by 2020. The previous deadline to achieve monetary integration was 1 January 2015~~. However, only Nigeria has thus far met WAMZ convergence criteria for monetary union.		Due to the frequent changes in the foreign exchange operational framework the de facto exchange rate for the NGN is ‘other managed arrangement'. Nigeria belongs to the West African Monetary Zone (WAMZ), a group of six countries (Guinea, The Gambia, Ghana, Liberia, Nigeria and Sierra Leone), which intends to introduce a common currency, the Eco. However, only Nigeria has thus far met WAMZ convergence criteria for monetary union.
	Foreign exchange controls in Nigeria are administered by the CBN.		Foreign exchange controls in Nigeria are administered by the CBN.
	Domestic currency exceeding NGN20,000 is not permitted to be imported to or exported from Nigeria without being declared to Nigeria's customs authorities.		Domestic currency exceeding NGN20,000 is not permitted to be imported to or exported from Nigeria without being declared to Nigeria's customs authorities.

imported>Doug Williamson: Remove broken link.

2017-05-28T09:06:47Z

Remove broken link.

← Older revision		Revision as of 09:06, 28 May 2017
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	'''Economic and Financial Crimes Commission'''		'''Economic and Financial Crimes Commission'''
	* [http://www.efccnigeria.org http://www.efccnigeria.org]		* [http://www.efccnigeria.org http://www.efccnigeria.org]
	~~'''Federal Inland Revenue Service'''~~
	* [http://www.firs.gov.ng http://www.firs.gov.ng]
	'''Chartered Institute of Taxation of Nigeria'''		'''Chartered Institute of Taxation of Nigeria'''
	* [http://www.citn.org http://www.citn.org]		* [http://www.citn.org http://www.citn.org]

imported>Doug Williamson: Remove broken link.

2017-05-28T09:05:52Z

Remove broken link.

← Older revision		Revision as of 09:05, 28 May 2017
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	==Websites==		==Websites==
	~~'''Federal Ministry of Finance'''~~
	* [http://www.fmf.gov.ng http://www.fmf.gov.ng]
	'''Central Bank of Nigeria'''		'''Central Bank of Nigeria'''
	* [http://www.cbn.gov.ng http://www.cbn.gov.ng]		* [http://www.cbn.gov.ng http://www.cbn.gov.ng]

imported>Doug Williamson: Remove broken link to Bureau of Public Enterprises.

2017-05-20T06:42:18Z

Remove broken link to Bureau of Public Enterprises.

← Older revision		Revision as of 06:42, 20 May 2017
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	'''Federal Inland Revenue Service'''		'''Federal Inland Revenue Service'''
	* [http://www.firs.gov.ng http://www.firs.gov.ng]		* [http://www.firs.gov.ng http://www.firs.gov.ng]
	~~'''Bureau of Public Enterprises'''~~
	* [http://www.bpeng.org http://www.bpeng.org]
	'''Chartered Institute of Taxation of Nigeria'''		'''Chartered Institute of Taxation of Nigeria'''
	* [http://www.citn.org http://www.citn.org]		* [http://www.citn.org http://www.citn.org]

imported>Jeeten.patel@thinkpublishing.co.uk at 09:52, 12 October 2015

2015-10-12T09:52:48Z

Show changes

imported>Doug Williamson: Protected "Nigeria" (‎[edit=sysop] (indefinite) ‎[move=sysop] (indefinite))

2015-07-27T13:09:50Z

Protected "Nigeria" (‎[edit=sysop] (indefinite) ‎[move=sysop] (indefinite))

← Older revision

Revision as of 13:09, 27 July 2015

imported>Jeeten.patel@thinkpublishing.co.uk at 16:57, 19 November 2014

2014-11-19T16:57:11Z

← Older revision		Revision as of 16:57, 19 November 2014
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	Nigeria has established a financial intelligence unit – the Nigeria Financial Intelligence Unit (NFIU) – housed within the Economic and Financial Crimes Commission, which is a member of the Egmont Group.		Nigeria has established a financial intelligence unit – the Nigeria Financial Intelligence Unit (NFIU) – housed within the Economic and Financial Crimes Commission, which is a member of the Egmont Group.

	Supplied by BCL Burton Copeland (www.bcl.com). Data as at April 2013.		''Supplied by BCL Burton Copeland ([http://www.bcl.com www.bcl.com]). Data as at April 2013.''

	===Cash management arrangements===		===Cash management arrangements===