Parallex Bank Sort Code in Nigeria: 10232000 and What It Means
Parallex Bank customers searching for a sort code will often encounter the number 10232000. This number appears in current payment instructions published by organizations using Parallex Bank accounts, but it is important to understand how the number is being used before describing it as a complete Nigerian nine-digit sort code.
What is the Parallex Bank sort code?
A publicly available Nigerian payment instruction currently lists 10232000 as the sort code for a Parallex Bank account.
| Bank | Published sort-code value |
|---|---|
| Parallex Bank Plc | 10232000 |
Why does this code contain eight digits?
This is an important distinction. The CBN’s current NUBAN standard describes DMB sort codes as nine-digit codes. However, some Nigerian websites and payment instructions publish Parallex’s value as 10232000.
Therefore, customers should not add a leading or trailing digit themselves to turn the eight-digit number into a nine-digit code.
Do not guess the missing digit
If a particular payment system requires nine digits, use the exact code provided by Parallex Bank or the requesting payment institution. Do not assume that 10232000 becomes 010232000, 102320000 or another variation.
The check digit and branch information form part of the official Nigerian sort-code structure, so the missing or differently represented digit cannot safely be invented.
Parallex Bank bank code
A bank identifier is not automatically the same thing as the number shown on a payment instruction as “sort code.” This is one reason financial websites should identify the source and format of every banking code they publish.
How Parallex sort-code information is used
A sort code may be requested when setting up domestic payment arrangements, payroll instructions, direct debits or certain bank-to-bank transactions. The exact information required depends on the payment system.
Parallex Bank sort code vs SWIFT code
Parallex Bank’s SWIFT/BIC is a different identifier. Its commonly published BIC is PARANGLA, with the 11-character form commonly represented as PARANGLAXXX.
| Code | Example | Purpose |
|---|---|---|
| Domestic payment code | 10232000 as published in payment instructions | Domestic banking/payment identification |
| SWIFT/BIC | PARANGLA | International banking |
How to confirm the correct Parallex code
- Identify the exact payment system requesting the code.
- Check whether it requires eight or nine digits.
- Use the code supplied by Parallex Bank or the beneficiary’s official payment instructions.
- Do not add digits manually.
Frequently asked questions
What is Parallex Bank’s sort code?
A current published payment instruction lists 10232000.
Is 10232000 a nine-digit code?
No. It contains eight digits. Because the CBN’s current DMB sort-code standard specifies nine digits, the exact format required by the payment system should be confirmed before use.
Should I add a zero to make it nine digits?
No. Do not guess the additional digit.
Is Parallex Bank’s SWIFT code the same as its sort code?
No. The SWIFT/BIC is a separate international banking identifier.
Bottom line: 10232000 is a published Parallex Bank payment code, but because the current CBN DMB sort-code standard uses nine digits, customers should confirm the exact format required before entering it into a transaction form.