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

Nigeria’s Foreign Reserves Rise by $551 Million in Three Weeks

Is the World Underestimating Nigeria?

Dangote Refinery Reduces Aviation Fuel Price to N1,650 per Litre

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

Naira depreciates to N755/$ in the parallel market.

Nigeria’s Foreign Reserves Rise by $551 Million in Three Weeks

by Jide Omodele
May 25, 2026
0

Nigeria’s external reserves have recorded a notable recovery in May 2026, climbing by approximately $551 million within the first three...

Exploring the data on multidimensional and monetary poverty in Nigeria.

Is the World Underestimating Nigeria?

by Stephen Akudike
May 21, 2026
0

For years, conversations about the future of global power have sounded familiar. China. The United States. India. Perhaps the European...

Airlines Implement Time-Saving Strategies for More Efficient Operations

Dangote Refinery Reduces Aviation Fuel Price to N1,650 per Litre

by Akpan Edidong
May 21, 2026
0

Dangote Petroleum Refinery & Petrochemicals has announced a significant reduction in the price of Jet A1 (aviation fuel), slashing it...

NEC Affirms CBN $3 Billion Loan for Naira Stability

CBN Denies Heavy Intervention in FX Market, Highlights Minimal Participation

by Jide Omodele
May 21, 2026
0

The Central Bank of Nigeria (CBN) has refuted allegations of aggressive intervention in the foreign exchange market, insisting that its...

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

Airlines Implement Time-Saving Strategies for More Efficient Operations

FAAN Engages International Airlines on Improved Airport Operations and Passenger Experience

May 25, 2026
FMDQ Exchange Records N21.70 Trillion Secondary Market Turnover in October

FMDQ Turnover Hits $180.85 Billion as Trading Volume Surge

May 25, 2026

Popular Story

  • Yuga Labs $450M Funding Shoots ApeCoin (APE) Above 10%

    0 shares
    Share 0 Tweet 0
  • 31 Nigerian States Grapple with N2.57 Trillion Domestic Debt Amid No Foreign Inflows

    0 shares
    Share 0 Tweet 0
  • Q2 GDP: Analysts Unhappy With Performance Of Agriculture, Manufacturing Sectors

    0 shares
    Share 0 Tweet 0
  • NNPC Begins Exploratory Drilling in Nasarawa, to Grow Reserves to 50bn Barrels.

    0 shares
    Share 0 Tweet 0
  • Debunking the Fuel Scarcity Myth and Its Impact on Financial Wellness

    0 shares
    Share 0 Tweet 0

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}
?>