The Central Bank of Nigeria on Friday restricted the operation of mobile banking applications (apps) to one device.

This was contained in a circular to all banks and other financial institutions and payment service providers (PSP) announcing additional guidance for the operations of instant payments (IP) in Nigeria.

In the circular signed by the CBN’s Director of Payments System Policy Department, Musa Jimoh, said ” Implementation of the above provisions will take effect from July 1, 2026.”

The circular read: “The Central CBN in line with its mandate of promoting financial system stability hereby issues additional guidance for the operations of Instant Payments in Nigeria.

All Financial Institutions (FIs) offering Instant Payment (IP) shall provide the following additional functionalities: Mandatory device binding: Mobile financial services applications (apps) shall only be enabled on one device at a time, and customers cannot operate the apps concurrently on multiple devices.“Migration to another device shall trigger automatic re-activation and authentication.

“Customers shall have the option to opt-out of opt-in to IP service at any time and for any given period.

This process shall be subject to Multi-Factor Authentication (MFA) control. Default setting shall be Opt-in upon on-boarding a new customer.

“In the opt-out mode, a customer shall not be able to carry out online instant transfer of funds (intra or inter) from his/her account to another customer.“

However, customers can physically visit the financial institution to effect transfer during this period.

“Voluntary Transaction Limit: Subject to the existing maximum limits of N25 million for individuals and N250 million for corporates, customers shall have the option to adjust the limits as needed.

Peter Obi said on Friday that Nigeria’s recurring vulnerability to global economic shocks, particularly in the energy sector, is a direct consequence of poor planning and the absence of strategic buffers.

Obi made the observation in a post on his official X while reacting to the recent increase in fuel prices in the country, following rising tensions involving Iran which pushed global crude oil prices upward.

According to him, petrol, which sold for less than ₦1,000 per litre only a few weeks ago, now costs over ₦1,200 per litre in many parts of the country.

Diesel prices have also surged from below ₦1,000 per litre to more than ₦1,500 per litre within the same isglobal developments can impact Nigeria’s economy.

Obi explained that many countries across the world, whether they are oil-producing nations or not, maintain strategic petroleum reserves to cushion the impact of supply disruptions or sudden price spikes in the global market.

Such reserves, he noted, allow governments to release stored fuel during crises in order to stabilise supply and moderate price increases.

However, he said Nigeria lacks such a buffer, leaving the country immediately exposed whenever global oil prices rise or geopolitical tensions disrupt supply chains.

According to the former Anambra State governor, the situation highlights a broader issue of inadequate long-term planning in the country’s economic management.

“Countries that plan build buffers against shocks, while those that fail to plan remain vulnerable,” Obi stated.

He added the recurring fuel price hikes affecting Nigerians underscore the need for more deliberate and strategic economic planning.

He reiterated his position that with prudent management of resources and proper planning, Nigeria can build stronger economic safeguards and reduce its exposure to external shocks

Godswill Akpabio, President of the Senate, said that the Senate will pass the 2026 Appropriation Bill on March 31.

Earlier, the Senate Committee on Appropriations had tentatively fixed Tuesday, March 17, for the final consideration and passage of the ₦58.47 trillion 2026 Appropriation Bill.

Speaking before the Senate adjourned plenary for the Sallah break, Akpabio said that the standing committees would continue working during the recess, particularly on ongoing budget defence sessions and coordination with the Senate Committee on Appropriations.

He said: “I hope the Leader will put pressure on the Committee on Appropriations to harmonise the report of the 2026 Appropriation Bill by that date.

“This is so that when we resume, we can try our best to pass the budget without requiring further concurrence or harmonisation.

“Leadership must work together to ensure everything is in order. The House of Representatives has already adjourned to conclude budget processes and will also reconvene on March 31.

“On that day, we hope to pass the national budget in tandem with the Senate,” said Akpabio.