Business
SERAP threatens legal action over unlawful CBN’s new regulations on bank customers
The Socio-Economic Rights and Accountability Project (SERAP) has urged Folashodun Shonubi, the Acting Governor, Central Bank of Nigeria (CBN), to “immediately delete the patently unlawful provisions in the Central Bank of Nigeria (Customer Due Diligence) Regulations directing banks to obtain information on customers’ social media handles for the purpose of identification.”
SERAP also urged him to “withdraw the Circular number FPR/DIR/PUB/CIR/007/076 of 20 June 2023, mandating banks and other financial institutions to implement and comply with the unlawful mandatory provisions on customers’ social media handles in the CBN Regulations.”
According to Section 6(a)(iv) of the CBN Regulations, banks and other financial institutions “shall identify their customer and obtain information on the social media handle of the customer.” Section 6(b)(iii) contains a similar provision.
SERAP, in a letter signed by its Deputy Director, Kolawole Oluwadare, said: “The CBN Regulations and directive to banks to obtain details of customers’ social media address violate Nigerians’ rights to freedom of expression and privacy. It is inconsistent and incompatible with the rule of law.”
The letter dated 24 June 2023, reads in part: “We would be grateful if the recommended measures are taken within 3 days of the receipt and/or publication of this letter. If we have not heard from you by then, SERAP shall take all appropriate legal actions to compel you and the CBN to comply with our request in the public interest.
“The mandatory requirement of social media handles or addresses of customers does not serve any legitimate aim. Such information may be used unjustifiably or arbitrarily to restrict the rights to freedom of expression and privacy.
“SERAP is gravely concerned that the CBN Regulations and directive to banks and other financial institutions would impermissibly restrict the constitutional and international rights to freedom of expression, privacy and victims’ right to justice and effective remedies.
“Requiring social media handles or addresses of customers as a means of identification would have a disproportionate chilling effect on the effective enjoyment by Nigerians of their rights to freedom of expression and privacy online.
“The CBN bears the burden of justifying any restriction on people’s freedom of expression and privacy. Under the Nigerian Constitution 1999 [as amended] and human rights treaties to which the country is a state party, any restrictions on these rights must be applied strictly so that the rights are not put in jeopardy.
“There are other means of identification such as passport, driver’s licence, Bank Verification Number (BVN), and Tax Identification Number (TIN), which banks and other financial institutions already require their customers to provide.
“The additional requirement of obtaining details of a customer’s social media handle or address fails to meet the requirements of legality, necessity, and proportionality.
“The requirement of necessity implies an assessment of the proportionality of the grounds, with the aim of ensuring that the excuse of ‘regulations on customer due diligence’ is not used as a pretext to unduly intrude upon the rights to freedom of expression and privacy.
“The CBN Regulation does not demonstrate how the use of social media handle or address as a means of identification would serve to improve banks and other financial institutions’ ability to implement and comply with the laws and regulations relating to customer due diligence.
“The Directive by the CBN, which does not, in any event, carry the force of law, also fails to provide any explanation as to how social media handles or addresses can facilitate compliance with regulations relating to customer due diligence.
“Obtaining the details of customers’ social media handles or addresses would unduly interfere with the rights to freedom of expression and privacy. It would also be disproportionate to any purported legitimate aim that the CBN seeks to achieve.
“The facts that there are sufficient means of identification for CBN, banks and other financial institutions to rely on to meet the requirement of Know Your Customer also heighten concerns of overreach and confer far-reaching discretion on banks and financial institutions.
“Obtaining information on customers’ social media handles or addresses as means of identification is, therefore, more intrusive than necessary.
“The cumulative effect of any attempt to access details of customers’ social media handles or addresses would be to undermine the letter, substance and spirit of the rights to freedom of expression and privacy of Nigerians.
“The effective enjoyment of these fundamental rights constitutes a fundamental pillar for building a democratic society and strengthening democracy.
“The CBN fails to show how details of customers’ social media handles or addresses would assist banks and other financial institutions to effectively implement and comply with the laws and regulations relating to customer due diligence.
“Human rights, the rule of law and democracy are interlinked and mutually reinforcing and central to the universal and indivisible core values and principles of the United Nations, the African Union and the Economic Community of West African States to which Nigeria belongs.
“The CBN is bound to respect the constitutional and international human rights of Nigerians including the rights to freedom of expression and privacy.
“Under the principle of pacta sunt servanda and general principles governing the law of treaties, the CBN is also bound to uphold and apply in the discharge of its statutory functions the human rights treaties to which Nigeria is a state party.
“Indeed, under international human rights law, all public or governmental institutions including the CBN are in a position to engage the responsibility of the State.
“The positive obligations of Nigeria to ensure the rights to freedom of expression and privacy will only be fully discharged if individuals are protected against violations by institutions like the CBN.
“The Nigerian Constitution guarantees in Section 39 the right to freedom of expression and in Section 37, the right to privacy.
“Article 19 of the International Covenant on Civil and Political Rights and Article 9 of the African Charter on Human and Peoples’ Rights also guarantee the right to freedom of expression. Article 17 of the Covenant also guarantees the right to privacy.
“Freedom of expression and opinion are indispensable conditions for the advancement of any person or society, as the free exercise of the right facilitates the evolution and exchange of opinions, in turn enabling principles of transparency and accountability crucial for the promotion and protection of human rights.
“While under certain narrow circumstances, a State may restrict the right to freedom of expression, any such restrictions must be strictly limited and meet the conditions of legality (i.e. be “provided by law”), legitimate purpose, necessity, and proportionality. The CBN Regulations mandating social media handles or addresses as a form of identification for customers fail to meet these legal requirements.
“In particular, Article 19(1) of the Covenant establishes the right to freedom of opinion without interference. Article 19(2) establishes Nigeria’s obligations to respect and ensure ‘the right to freedom of expression,’ which includes the freedom to seek, receive and impart information and ideas of all kinds, regardless of frontiers.
“Under article 19(3), restrictions on the right to freedom of expression must be ‘provided by law’, and necessary ‘for respect of the rights or reputations of others’ or ‘for the protection of national security or of public order (ordre public), or of public health and morals.
“The principles of legality, necessity, and proportionality, apply to the right to privacy in the same manner as they do to freedom of expression and other fundamental freedoms.
“Restrictions to the rights to freedom of expression and privacy that do not comply with the elements of legality, legitimate purpose, and necessity and proportionality shall be deemed unlawful.”
BREAKING: Naira Rise Again, See New Rate Today
Despite a semblance of optimism, the naira continues to grapple with intense pressure in the financial markets. The Nigerian currency is struggling to attain a stable exchange rate, reflecting the ongoing challenges it faces.
As of October 18, 2025, Nigeria’s foreign exchange reserves have climbed to an impressive $42.668 billion. Click link to continue reading.
The Nigerian Naira appreciated further against the United States dollar in the parallel market on Tuesday, extending the modest recovery seen at the start of the week.
On October 21st 2025, the Dollar to Naira Black Market exchange rate traded at ₦1,470 per dollar for buying and ₦1,480 per dollar for selling, according to data from major currency traders in Lagos, Abuja, and Port Harcourt.
The latest movement represents a continued strengthening of the local currency following steady inflows from remittances and moderate demand from importers. Market participants said dollar availability slightly improved in key hubs, easing pressure on the Naira after several weeks of volatility.
Black Market Dollar to Naira Rate Overview
Date Market Type Buying (₦) Selling (₦) Change
Tuesday, Oct 21, 2025 Black Market 1,470 1,480 +₦10 ▲
Monday, Oct 20, 2025 Black Market 1,480 1,490 –
Official (CBN) — — — See CBN
Figures compiled from market operators and verified by Investors King.
How Much Is Dollar to Naira Today in Black Market
As of this morning, the Dollar to Naira Black Market rate stands at ₦1,470 for buying and ₦1,480 for selling. The modest improvement reflects a calmer trading environment, with dealers reporting steady flows from informal remittances and bureau-de-change networks.
Demand for foreign exchange remains active, though slightly lower than in early October. Many traders expect the Naira to hold near current levels if dollar inflows from oil sales and diaspora remittances continue. For official rates and policy updates, visit the Central Bank of Nigeria (CBN).
Food and beverage giant Nestle said it will cut 16,000 jobs over the next two years, as its new CEO Philipp Navratil pushes to focus on products with the “highest potential returns”.
The Swiss company must “change faster” to keep pace with a changing world and adopt a “performance mindset” that does not accept losing market share to rivals, said Mr Navratil.
He replaced former CEO Laurent Freixe who was fired in September over a romantic relationship with an employee.
The job cuts were announced on Thursday as Nestle reported better sales figures in the first nine months of 2025, selling more products across its major categories, including coffee and sweets.
The world’s largest packaged food and drink company, Nestle owns hundreds of brands, including Nescafe, KitKat and Maggi.
Nestle plans to get rid of 12,000 white collar jobs on top of 4,000 other roles across the board within the next two years, it said in a statement.
The lay-offs will save the food giant around 1bn SFr (£940m) annually as part of an ongoing cost-savings effort, it said.
Nestle’s share price was up 7.5% shortly after its trading update and job cuts were announced.
Mr Navratil said: “We are fostering a culture that embraces a performance mindset, that does not accept losing market share, and where winning is rewarded… The world is changing, and Nestle needs to change faster.
Such change would include “hard but necessary decisions to reduce headcount”, he said.
The details signalled that Mr Navratil wants to “bring greater transparency to areas that were previously more opaque in Nestle’s cost-saving plans,” Morningstar equity analyst Diana Radu said .
The job cuts, she said, appear to be an effort to “reset expectations and rebuild investor confidence through measurable actions”.
Mr Navratil’s predecessor was sacked by Nestle in early September after an investigation into whistleblower allegations that he did not disclose a romantic relationship with a direct subordinate.
The company’s outgoing chair Paul Bulcke brought forward his departure date and left his post in the same month.
It was reported at the time that investors blamed Mr Bulcke for the company’s ongoing problems.
Last year, an investigation found Nestle baby food products sold in low- and middle-income countries contained unhealthily high levels of sugar.
The research, by a Swiss NGO and the International Baby Food Action Network, found that in many cases, the same products sold in wealthy countries had no added sugar.
Victoria Scholar, head of investment at Interactive Investor, said that Mr Navratil “is clearly looking to make his mark on the business”.
“Investors are excited by Navratil’s bold steps and are pleased that the C-suite turmoil appears to be in the rear-view mirror,” she said.
But the challenges ahead of him include tariff pressures, rising debt and stiff competition, she said.
Unite, one of the largest trade unions in the UK, criticised the job cuts and said it would “respond robustly” to any British layoffs.
Nestle has sites in York, Halifax, Dalston and Tutbury, as well as staff at Buxton Water, which it owns.
“Nestle is a profitable company, selling billions of produce every month. Job losses are simply unacceptable,” the union’s general secretary Sharon Graham said.
In recent weeks, the Nigerian naira has experienced some advantages in the currency exchange landscape, benefiting from a gradual increase in its value within the Foreign Exchange Market.
However, this positive trend has recently faced fluctuations, leading to a mixed outlook on the currency’s strength against the dollar. Click link to continue reading
As of last Friday, the naira was trading in the mid-₦1,400s on official platforms of the Nigerian Foreign Exchange Market (NFEM). In stark contrast, the parallel (black) market continued to quote the dollar at significantly higher rates, hovering around ₦1,480 to ₦1,500.
This disparity illustrates a persistent premium of approximately ₦25 to ₦40 between the official exchange channels and the rates found on the street, highlighting the ongoing challenges in Nigeria’s currency valuation and market dynamics.
Key rates
NFEM (official VWAP / CBN-derived rate): ₦1,470–₦1,475 per $1. This is the volume-weighted average used as the official daily NFEM rate.
Central Bank / interbank listings (recent reference levels): ₦1,460–₦1,475 per $1. (Historic daily CBN/exchange tables show mid-₦1,400s levels through mid-October).
Parallel / black market (Aboki / Abokifx / crowd-sourced trackers): ₦1,480–₦1,500 per $1.
Dealers and market commentators say the gap persists because official windows continue to receive constrained dollar supplies even as demand from importers and portfolio flows fluctuate. Foreign investors offloading local assets and limited central bank dollar provisioning were highlighted as near-term pressures in market reports.
Market impact — what it means
Importers & corporates: Higher parallel rates lift cost pressures when dollars are sourced outside official windows.
Remittances: Recipients relying on informal channels may see better conversion on the parallel market but greater volatility.
Consumers: The spread keeps upward pressure on prices of dollar-priced goods and services.
Vanguard
The Central Bank of Nigeria (CBN) has issued new restrictions on who can qualify to operate as Point of Sale (PoS) agents under its revised Guidelines for the Operations of Agent Banking in Nigeria, effectively barring individuals with unresolved debts, watch-listed Bank Verification Numbers (BVNs), or a history of financial misconduct from participating in the fast-growing agent banking sector.
The guidelines, released on October 6, 2025, aim to tighten due diligence standards in an industry that has become critical to financial inclusion but is also plagued by fraud, over-concentration of risk, and weak oversight.
The new rules mark a significant tightening of Nigeria’s agent banking framework, moving beyond transaction monitoring to focus on the integrity of the individuals who operate at the last mile of financial inclusion.
Under the new rules, any person or entity with a non-performing loan with any financial institution in the last 12 months is ineligible to be appointed as an agent. The CBN said credit information would be verified through licensed credit bur-eaus, closing loopholes that have allowed individuals with bad debts to resurface as POS operators.
Also disqualified are individuals whose BVNs have been watch-listed, as well as anyone who has been blacklisted for financial mis-conduct. Agents convicted of felonies, fraud, dishonesty, or related offences will also not be permitted to operate.
In addition, persons declared bankrupt or companies that have filed for insolvency are automatically barred from agent banking, reinforcing the regulator’s stance that only financially stable and trustworthy actors can hold such positions.
For those seeking approval, the guidelines stipulate basic eligibility conditions. Prospective agents must demonstrate the ability to carry out permissible activities such as deposits, withdrawals, and bill payments. They must also provide all mandatory information required under CBN regulations, secure au-thorisations from relevant authorities where necessary, and, in the case of individu-als, be at least 18 years old and of sound mind.
The central bank also mandated that principals – banks, super agents, and licensed payment service providers – conduct comprehensive due diligence before appointing agents. This includes verifying credit history, criminal records, sources of funds, business ad-dresses, and pre-existing relationships that could pose risks.
Agent banking has expanded rapidly in Nigeria, driven largely by PoS operators who bring financial services to rural and underserved com-munities. There are over 8.3 million registered PoS terminals in the country and 5.9 million already deployed as of March 2025, with agents handling billions of naira in transactions monthly.
However, the sector has faced rising cases of fraud, theft, and unlicensed operators exploiting gaps in over-sight. By cutting off access for individuals with poor credit records or compromised BVNs, the CBN is signalling its intent to clean up the PoS industry and safeguard customer trust. Industry oper-ators, however, face higher compliance costs, as principals must integrate credit checks, BVN verification, and legal clearances into their onboarding processes.
The new qualification criteria are part of broader reforms, which also include mandatory geo-tagging of Pos devices, transaction lim-its, real-time settlement re-quirements, and stiffer sanctions for default.
In August 2025, the CBN had already ordered operators to geo-tag all Pos devices within 60 days and align with the global ISO 20022 messaging standard. That directive set the stage for tighter rules in October, which now embed sanctions and stricter onboarding checks.
However, the latest guidelines have extended the deadline to April 1, 2026. The extension to April 2026 gives breathing space but does not soften the threat: come enforcement day, non-geo-locked terminals may be shut down, and agents or institutions may iCBN bars debtors, blacklisted BVNs from operating as Pos agents
The Central Bank of Nigeria (CBN) has issued new restrictions on who can qualify to operate as Point of Sale (PoS) agents under its revised Guidelines for the Operations of Agent Banking in Nigeria, effectively barring individuals with unresolved debts, watch-listed Bank Verification Numbers (BVNs), or a history of financial misconduct from participating in the fast-growing agent banking sector.
The guidelines, released on October 6, 2025, aim to tighten due diligence standards in an industry that has become critical to financial inclusion but is also plagued by fraud, over-concentration of risk, and weak oversight.
Nigeria’s electricity distribution companies (DisCos) installed a total of 225,631 meters in the second quarter of 2025, marking a 20.55% increase compared to the 187,161 meters installed in the first quarter of the year, as reported by Nairametrics.
This was contained in the newly released Second Quarter 2025 Report by the Nigerian Electricity Regulatory Commission (NERC).
According to the report, of the total meters installed, 147,823 units (65.52%) were deployed under the Meter Asset Provider (MAP) framework, 65,315 meters under the Meter Acquisition Fund (MAF) scheme, 12,259 meters through the Vendor Financed framework, and 234 meters were installed under the DisCo Financed scheme.
Despite this progress, NERC noted that as of June 2025, only 6,422,933 out of the 11,821,194 active registered customers in the Nigerian Electricity Supply Industry (NESI) had been metered. This translates to a national metering rate of 54.33%, leaving nearly half of electricity consumers still unmetered and subject to estimated billing.
To cushion the impact on unmetered customers, the Commission said it has continued to enforce the monthly energy cap policy, which limits the amount of energy that can be billed to unmetered customers.
“This sets the maximum amount of energy that may be billed to an unmetered customer for the respective month based on gross energy received by the DisCo and consumption by metered customers on their respective feeders,” NERC said.
The report further highlighted a decline in customer complaints received across all DisCo Customer Complaints Units (CCUs). A total of 227,267 complaints were recorded in Q2 2025, representing a 10.67% decrease from the 254,404 complaints lodged in the previous quarter.
However, only 1,129 out of 2,474 complaints received at NERC’s Central Complaint Unit (CCU) were resolved — a resolution rate of 45.63%, which the regulator described as unsatisfactory. The majority of complaints, NERC said, were related to metering, billing, and service interruptions, consistent with previous trends.
The Commission added that two Forum Offices were shut down during the quarter, reducing the number of active offices to 24 from 26 at the end of Q1 2025. A total of 1,418 appeals were active during the quarter — 1,040 new appeals and 378 pending from the previous quarter. The forum panels conducted 41 sittings and resolved 958 appeals, achieving a 67.56% resolution rate, which was 6.54 percentage points lower than the 74.10% recorded in Q1 2025.
What you should know
In April, NERC penalised eight DisCos – including Abuja Electricity Distribution Company (AEDC), Ikeja Electric (IKEDC), Eko Electricity Distribution Company (EKEDC), Enugu Electricity Distribution Company (EEDC), Jos Electricity Distribution Company (JEDC), Kaduna Electric, Kano Electricity Distribution Company (KEDCO), and Yola Electricity Distribution Company (YEDC) – for failing to adhere to the monthly energy caps imposed on estimated billing for unmetered customers.
The Commission imposed a combined fine of over N628 million on the eight DisCos. In addition to the monetary penalties, NERC directed each company to provide credit adjustments to all affected customers.
The NERC’s decision to impose the fine of N628 million on DisCos for violating the estimated billing cap sparked mixed reactions among electricity consumers and power sector experts.
Nairametrics
Lagos State kept its crown as Nigeria’s biggest sub-national revenue generator in 2024, as the National Bureau of Statistics released the Internally Generated Revenue at State Level 2024 report.
According to the report, announced on Monday via NBS X handle, 36 states and the Federal Capital Territory together produced ₦3.6 trillion in IGR.
This represents a 49.7 per cent rise from ₦2.43 trillion in 2023.
Top 5 IGR generators
Lagos — ₦1,261,556,415,048.56 (roughly one-third of total IGR).
Rivers — ₦317,303,986,832.38.
FCT — ₦282,364,055,025.74.
Ogun — ₦194,933,884,872.57.
Enugu — ₦180,500,141,598.36.
Bottom five
Adamawa — ₦20,298,222,818.56.
Taraba — ₦17,460,514,087.44.
Kebbi — ₦16,971,704,831.43.
Ebonyi — ₦13,177,829,475.63.
Yobe — ₦11,084,367,202.33.
Full list ranked highest to lowest
Lagos — ₦1,261,556,415,048.56.
Rivers — ₦317,303,986,832.38.
Fct — ₦282,364,055,025.74.
Ogun — ₦194,933,884,872.57.
Enugu — ₦180,500,141,598.36.
Delta — ₦157,785,188,072.55.
Edo — ₦91,153,908,548.19.
Akwa Ibom — ₦75,768,017,871.08.
Kano — ₦74,771,014,335.51.
Kaduna — ₦71,574,658,542.97.
Kwara — ₦71,197,075,565.91.
Bayelsa — ₦64,013,288,202.51.
Jigawa — ₦59,455,563,495.20.
Oyo — ₦65,287,038,267.92.
Osun — ₦54,767,865,323.88.
Cross River — ₦47,018,239,529.33.
Anambra — ₦42,689,648,058.74.
Abia — ₦40,009,340,912.93.
Katsina — ₦39,152,790,613.55.
Bauchi — ₦32,427,554,765.85.
Kogi — ₦32,012,618,177.80.
Niger — ₦34,660,234,106.71.
Ekiti — ₦35,213,748,270.98.
Plateau — ₦31,139,826,680.23.
Ondo — ₦31,251,840,302.79.
Borno — ₦27,803,527,850.21.
Zamfara — ₦25,455,960,759.33.
Imo — ₦25,270,602,765.46.
Nassarawa — ₦25,518,692,329.97.
Gombe — ₦20,724,823,840.00.
Sokoto — ₦20,845,754,441.54.
Benue — ₦20,434,774,732.75.
Adamawa — ₦20,298,222,818.56.
Taraba — ₦17,460,514,087.44.
Kebbi — ₦16,971,704,831.43.
Ebonyi — ₦13,177,829,475.63.
Yobe — ₦11,084,367,202.33.
The IGR calculated has two (2) broad categories of revenues: Tax Revenue and Ministries, Departments and Agencies’ (MDAs’) Revenue.
Taxes include PAYE, Direct assessment, Road taxes, Stamp duties, Capital gain tax, withholding taxes, Other taxes and LGAs’ revenue.
PAYE was the most tax revenue recorded during the period (₦1.86 trillion), representing 69.84 per cent of the total taxes collected, while capital gains tax was the least with ₦10.57 billion.
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