Macroeconomic Report & Economic Updates

Nigeria Economic Update (Issue 50)

Data from the Nigeria Inter-Bank Settlement Systems (NIBSS) shows that transactions performed electronically through the NIBSS Instant Payment platform (NIP) in Nigeria grew to N38.9 trillion in November 2022, which is 12.7 percent higher than the N34.5 trillion recorded in October 20222. On a year-on-year (YoY) basis, the N38.9 trillion value of e-payments increased 50 percent from the N25.9 trillion recorded in November 2021. The growth in e-payment transactions is partly due to the cashless policy of the Central Bank of Nigeria (CBN) and the aftermath effect of COVID-19 on the payment system. COVID-19 made firms introduce online payment into their payment system since people were ordering their products online. As a result, many Nigerians are adopting e-payment channels for payment. The withdrawal limit policy, which will take effect from January 2023, is expected to increase the use of electronic transactions across the country. However, high cybercrimes continue to undermine the effectiveness of the CBN cashless policy. Hence, the CBN and other financial intermediaries involved should focus on strengthening cybersecurity in the country to ensure the safety of funds of individuals and corporate entities.

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