RateCaptain
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
No Result
View All Result
Subscribe
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
No Result
View All Result
RateCaptain
No Result
View All Result
Home Economy

Nigeria Immigration blames CBN’s forex policy for passport booklet scarcity.

Rate Captain by Rate Captain
May 10, 2023
in Economy
Reading Time: 2 mins read
A A
0
CBN bans foreign bank representative offices from engaging in banking business in Nigeria..
Share on FacebookShare on TwitterShare on WhatsappShare on Telegram

The Nigeria Immigration Service (NIS) has recently been in the news due to the scarcity of international passport booklets in the country. While the Minister of Interior, Rauf Aregbesola, has denied the existence of any such scarcity, the Comptroller-General of the Service, Mr. Idris Jere, has blamed the Central Bank of Nigeria (CBN) policy on forex for the shortage. In this blog post, we will explore the root causes of the scarcity and possible solutions to address the issue.

One of the factors causing the delay in the issuance and renewal of international passports is the inability of the NIS to access forex for the importation of passport booklets. According to the NIS DG, the foreign exchange regulation policy of the government and the CBN’s refusal to grant access to forex for the importation of the passport booklets are causing the scarcity, thereby delaying the process of issuance and renewal of the document.

AlsoRead

National Grid Collapses Again, Plunging Nigeria into Nationwide Blackout

US Records $1.45 Billion Trade Surplus with Nigeria in First 10 Months of 2025 as Exports Surge 60%

LIRS Warns Banks, Employers and Others: We’ll Deduct Unpaid Taxes Directly from Your Funds

Another challenge facing the NIS is the inability to set up passport-producing factories in Nigeria. Currently, the production of passports is done abroad, and the major seven components used for producing passports are sold in the international market. As a result, the NIS relies on foreign companies such as Irris Smart Technology Ltd. to produce the passport booklets.

Speaking of Irris Smart Technology Ltd., the Managing Director, Mr. Yinker Fisher, said that before the advent of the e-passport system, the Nigerian passport was marred with embarrassing irregularities and inconsistencies under the watch of NSPM. As a result of a lack of capacity, NSPM outsourced the process to three companies, which led to many irregularities, including passport colour and numbers.

The corruption factor is also contributing to the problem. According to the Minister of Interior, efforts of the NIS at sanitising the process and bringing integrity to passport applications are being sabotaged by a ‘few’ corrupt officials of the NIS. These unscrupulous individuals are making the situation difficult by spreading rumours that there are no booklets in order to continue to extort the applicants.

Possible solutions to address the issue of passport scarcity include setting up passport-producing factories in Nigeria to reduce dependence on foreign companies. The presidential directive to commence the production of passports locally by the Nigerian Security Printing and Minting (NSPM) is a welcome development. However, a proper exit plan must be put in place for a smooth handover from Irris Smart Tech to prevent any breach of contract or production process.

Another solution is for the CBN to grant access to forex for the importation of passport booklets to address the issue of scarcity. The NIS generates forex from the sale of passports but lacks access to buy the same booklet, which is a challenge for the service.

Lastly, to address corruption, the NIS must intensify efforts to sanitise the process and bring integrity to passport applications. The public should also be encouraged to report any NIS officials manipulating applicants for money.

In conclusion, the scarcity of international passport booklets in Nigeria is a complex issue that requires the collaboration of various stakeholders to address. The NIS, CBN, NSPM, and the public must work together to find a lasting solution to the problem and ensure that Nigerians can access passports in a timely and efficient manner.

Previous Post

U.S. Default Risks Cause Skyrocketing 1-Month Treasury Bill Yields: An Opportunity for Savvy Investors?”

Next Post

U.S. Inflation Holds Steady at 5%: How Will It Impact the Economy and Stock Market?

Related News

 Top Story: Central Bank Raises MPR by 200 Basis Points to 24.75%

National Grid Collapses Again, Plunging Nigeria into Nationwide Blackout

by Victoria Attah
January 27, 2026
0

Nigeria’s electricity grid has suffered another total system collapse, marking the second major failure in 2026 and leaving the entire...

US Records $1.45 Billion Trade Surplus with Nigeria in First 10 Months of 2025 as Exports Surge 60%

by Jide Omodele
January 27, 2026
0

The United States posted a $1.45 billion goods trade surplus with Nigeria in the first ten months of 2025  a...

LIRS Shuts 34 Companies Over Tax Non-Compliance

LIRS Warns Banks, Employers and Others: We’ll Deduct Unpaid Taxes Directly from Your Funds

by Stephen Akudike
January 26, 2026
0

The Lagos State Internal Revenue Service (LIRS) has issued a strong public warning that it will begin using its legal...

$26 Billion for unidentified source passed through Binance-Cardoso

CBN Auctions N1.15 Trillion in Treasury Bills as Investors Eye Higher Yields

by Stephen Akudike
January 22, 2026
0

The Central Bank of Nigeria (CBN) is set to conduct its second Treasury bills auction of 2026 today, offering instruments...

Next Post
U.S. Inflation Holds Steady at 5%: How Will It Impact the Economy and Stock Market?

U.S. Inflation Holds Steady at 5%: How Will It Impact the Economy and Stock Market?

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

2024 Budget Outline: Oil Price Set at $77.96, Naira Stands at 750 Against the Dollar

Nigeria and UAE Sign Landmark Trade Deal to Eliminate Tariffs on Thousands of Products

January 27, 2026
 Top Story: Central Bank Raises MPR by 200 Basis Points to 24.75%

National Grid Collapses Again, Plunging Nigeria into Nationwide Blackout

January 27, 2026

Popular Story

  • 2024 Budget Outline: Oil Price Set at $77.96, Naira Stands at 750 Against the Dollar

    Nigeria and UAE Sign Landmark Trade Deal to Eliminate Tariffs on Thousands of Products

    0 shares
    Share 0 Tweet 0
  • Dangote Refinery Suspends Petrol Sales and Cancels Contracts as Crude Supply Issues Bite

    0 shares
    Share 0 Tweet 0
  • US Records $1.45 Billion Trade Surplus with Nigeria in First 10 Months of 2025 as Exports Surge 60%

    0 shares
    Share 0 Tweet 0
  • Nigeria Customs Service Surpasses N7.2 Trillion Revenue Target in 2025

    0 shares
    Share 0 Tweet 0
  • National Grid Collapses Again, Plunging Nigeria into Nationwide Blackout

    0 shares
    Share 0 Tweet 0
RateCaptain

RateCaptain

We bring you the most accurate in new and market data. Check our landing page for details.

  • Home
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Disclaimer
  • Cookie Policy
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

No Result
View All Result
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

RateCaptain
Manage Cookie Consent
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
  • Manage options
  • Manage services
  • Manage {vendor_count} vendors
  • Read more about these purposes
View preferences
  • {title}
  • {title}
  • {title}
?>