Business
Firm Plans To Tackle FX Liquidity Crisis
Nairagram, a licensed International Money Transfer Operator, licensed by the Central Bank of Nigeria (CBN), has said it is partnering with the CBN, Sebastian BDC, and Keystone Bank to tackle the foreign exchange liquidity crisis in the country.
According to the statement from the firm, made available to The Tide’s source, the firm plans an international payment service initiative to enhance financial connectivity.
The statement read, “In collaboration with the Central Bank of Nigeria and in partnership with Sebastian BDC and Keystone Bank, this service addresses FX liquidity challenges in the country by simplifying and enhancing the process of sending money from Nigeria globally, thus fostering financial empowerment for Nigerians.
“This new international payment service symbolises Nairagram’s unwavering commitment to innovation that enables bonds of kinship, foster community and drives wealth creation through hassle-free remittance overseas.
“It stands for more than just a money transfer service. It represents the brand’s commitment to the African success stories empowering African economies, transcending borders, and creating opportunities for financial inclusion”.
The international payment service is expected to ensure seamless transfers from Nigeria to Ghana, Senegal, Gambia, Kenya, Cameroon, Ivory Coast, Mozambique, Tanzania, Uganda, Zambia, Zimbabwe, Guinea Conakry, Rwanda, Congo DRC, Burkina Faso, Mali, Benin, Togo, Gabon, and Ethiopia and many more.
The statement added, “By offering a direct and reliable link between senders and recipients, Nairagram empowers people to impact across borders positively.
“Thus, this expansion, in partnership with the CBN, represents a significant step forward in Nairagram’s mission to provide innovative and seamless financial solutions tailored to the unique needs of Nigerians.
“The new international payment service for the Nigerian market promises to revolutionize the money transfer industry, both within and outside Africa”.
The firm also disclosed that the service would be extended to the USA, UK, UAE, and Turkey in the coming months.
During the screening session of members of the Senate, the new Governor of the Central Bank of Nigeria, Olayemi Cardoso, has said he will prioritise clearing the apex bank’s backlog of unsettled foreign exchange obligations in the near term in an attempt to resolve the country’s forex crisis.
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Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.
Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.
The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.
Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.
“I did my best and I am happy for this performance,” said Sawe.
“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”
Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.
In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.
Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.
Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.
The Nigeria Immigration Service (NIS) has officially ended passport production at multiple centres, transitioning to a single, centralised system for the first time in 62 years.
Minister of Interior, Dr Olubunmi Tunji-Ojo, made the disclosure during an inspection of the Nigeria’s new Centralised Passport Personalisation Centre at the NIS Headquarters in Abuja, last Thursday.
He stated that since the establishment of NIS in 1963, Nigeria had never operated a central passport production centre, until now, marking a major reform milestone.
“The project is 100 per cent ready. Nigeria can now be more productive and efficient in delivering passport services,” Tunji-Ojo said.
He explained that old machines could only produce 250 to 300 passports daily, but the new system had a capacity of 4,500 to 5,000 passports every day.
“With this, NIS can now meet daily demands within just four to five hours of operation,” he added, describing it as a game-changer for passport processing in Nigeria.
“We promised two-week delivery, and we’re now pushing for one week.
“Automation and optimisation are crucial for keeping this promise to Nigerians,” the minister said.
He noted that centralisation, in line with global standards, would improve uniformity and enhance the overall integrity of Nigerian travel documents worldwide.
Tunji-Ojo described the development as a step toward bringing services closer to Nigerians while driving a culture of efficiency and total passport system reform.
According to him, the centralised production system aligns with President Bola Tinubu’s reform agenda, boosting NIS capacity and changing the narrative for improved service delivery.
The National Information Technology Development Agency (NITDA) has announced plans to roll out Digital Public Infrastructure (DPI) and the Nigerian Data Exchange (NGDX) platforms across key sectors of the economy, starting in early 2026.
Director of E-Government and Digital Economy at NITDA, Dr. Salisu Kaka, made the disclosure in Abuja during a stakeholder review session of the DPI and NGDX drafts at the Digital Public Infrastructure Live Event.
The forum, themed “Advancing Nigeria’s Digital Public Infrastructure through Standards, Data Exchange and e-Government Transformation,” brought together regulators, state governments, and private sector stakeholders to harmonise inputs for building inclusive, secure, and interoperable systems for governance and service delivery.
According to Kaka, Nigeria already has several foundational elements in place, including national identity systems and digital payment platforms.
What remains is the establishment of the data exchange framework, which he said would be finalised by the end of 2025.
“Before the end of this year and by next year we will be fully ready with the foundational element, and we start dropping the use cases across sectors,” Kaka explained.
He stressed that the federal government recognises the autonomy of states urging them to align with national standards.
“If the states can model and reflect what happens at the national level, then we can have a 360-degree view of the whole data exchange across the country and drive all-of-government processes,” he added.
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