The Central Bank of Nigeria (CBN) has provided clarity on the charges associated with the Naira Remittance-Based Virtual Naira (NRBVN) service, specifically targeting Nigerians in the diaspora. In a statement issued by the apex bank, it reassured the public—particularly citizens residing outside the country—of its commitment to transparent financial practices and deepening financial inclusion across borders.
The clarification follows growing concerns from some Nigerians abroad who had raised questions about the cost implications and accessibility of the NRBVN platform, a digital financial service aimed at streamlining naira-based remittances through official channels. According to the CBN, the charges applied are not only in line with global standards for cross-border remittances but are also structured to ensure secure, affordable, and seamless transactions for users sending money back home.
The NRBVN initiative, introduced as part of the CBN’s broader digital finance reforms, seeks to bridge the gap between formal remittance inflows and informal financial channels that have for years dominated the diaspora remittance landscape. By offering a virtual naira account that can be accessed from any part of the world, the system is designed to give millions of Nigerians living abroad an efficient means of participating in the Nigerian financial ecosystem.
In reaffirming its stance, the CBN noted that its long-term objective remains centred on building a robust financial architecture where diaspora remittances play a vital role in supporting Nigeria’s foreign exchange reserves, stabilising the naira, and stimulating investment in local economies. The bank emphasized that it continues to work closely with international financial institutions and licensed money transfer operators to ensure that transaction fees remain competitive while upholding global compliance standards.
Furthermore, the apex bank reiterated that the NRBVN platform aligns with its National Financial Inclusion Strategy (NFIS), which aims to bring more Nigerians—regardless of location—into the formal financial system. With over 17 million Nigerians estimated to be living abroad, the CBN views diaspora remittances as a critical economic pillar, particularly in terms of household support, education funding, real estate investments, and small business growth.
The bank urged Nigerians in the diaspora to utilize authorized channels and verify service fees through official communication lines to avoid misinformation. It also promised continuous engagement and system upgrades to address user experience, efficiency, and accessibility challenges.
This latest move by the CBN highlights its renewed focus on building trust and transparency in Nigeria’s financial space, especially as digital platforms become central to global financial integration.
