Business

CBN Bans Banks From Operating PoS, Approves 17 Companies as Mobile Money, Operators In Nigeria

Published

2 years ago

March 21, 2023

Due to the recent hiccups experienced by bank customers and their inability to use mobile apps and other digital touchpoints, Nigerians have begun the search for alternatives as fintech firms have taken over the ecosystem and provided better experiences.

These licensed mobile operators have provided relief to many Nigerians at the time of unprecedented transaction failures.

The mobile money operators offer incentives such as zero transfer charges and daily rewards to customers.

Many customers on these platforms are concerned about the legality of the platforms and wonder if they are authorised or licensed to operate in Nigeria.

The worries have prompted the apex bank to draw up a list of authorised operators in the financial ecosystem.

The development comes as the CBN barred bank agents from offering PoS services.

CBN releases guidelines for PoS operations

CBN released the regulatory framework for agent banking operations, which includes several restrictions to mitigate risks in the financial sector.

The guideline was announced in a circular titled Exposure Draft of the Regulatory Framework for Agent Banking in Nigeria, signed by Musa I. Jimoh, the director of the Payments System Management Department.

In the 31-page document, the CBN dedicated Section 8.3 to outline prohibited activities for agents.

Vanguard reports that one of the key restrictions in the guideline is that agents must not use the purchase option on PoS terminals for cash-in and cash-out transactions.

The CBN has also warned agents against transactions where a receipt or acknowledgment cannot be generated. In addition to the abovementioned restrictions, the circular prohibits agents from conducting transactions in foreign currency. Agent banking is a financial inclusion service that aims to extend the reach of retail banking services to all segments of the population, especially residents of rural areas.

The service providers include First Monie, EcoBank Express, UBA Moni, Zenith Mobile Money, and others.

The CBN has observed that the agent banking initiative has led to the proliferation of financial service agents across Nigeria.

Reports say a significant and growing portion of financial transactions is now conducted through agents.

Approved mobile money operators

Abeg Technologies Limited

Chams Mobile Limited

eTranzact International Limited

Fortis Mobile Money Limited

Funds And Electronic Transfer (FETS)

Limited Hedonmark Management Services Limited

Pagatech Limited

Palmpay Limited

Parkway Projects Limited

Teasy International Company Limited

Nanonow Digital Services Limited

VTNetwork Limited

Xpress MTS Limited

Kongapay Technologies Limited

Visual ICT Limited

Business

Naira Appreciates At Official Market

Published

3 weeks ago

May 24, 2025

Editor

The Naira, which has seen steady appreciation against the Dollar all week, closed stronger on Friday, trading at ₦1,580.44 in the official forex market.

Data from the Central Bank of Nigeria’s website show the Naira gained ₦4.51k against the Dollar on Friday alone.

This marks a 0.28 per cent appreciation from Thursday’s closing rate of ₦1,584.95 in the official foreign exchange window.

The local currency maintained consistent strength throughout the week, recording gains daily.

On Monday, May 19, it traded at ₦1,598.68; on Tuesday, at ₦1,590.45; and on Wednesday, at ₦1,584.49.

These gains suggest increased investor confidence and improved forex supply, contributing to the naira’s performance.

Meanwhile, the CBN, at its 300th Monetary Policy Committee meeting held Monday and Tuesday, retained the Monetary Policy Rate at 27.5 per cent.

Business

BREAKING: Again, Dangote Refinery Cuts Petrol Price

Published

3 weeks ago

May 22, 2025

Editor

The Dangote Petroleum Refinery has announced a nationwide reduction in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, with new prices now ranging between ₦875 and ₦905 per litre, depending on location.

The ₦15 per litre cut applies across all regions and partner fuel stations, and was confirmed via an official announcement posted on Dangote Refinery’s social media channels on Thursday.

Major marketers participating in the new pricing regime include MRS, Ardova, Heyden, Optima Energy, Techno Oil, and Hyde Energy — partners in the distribution of Dangote-refined products.

Under the previous pricing structure, Lagos residents paid ₦890 per litre, while prices reached ₦920 in the North-East and South-South regions. With the latest adjustment, Lagos now pays ₦875 per litre, while the North-East and South-South will see prices drop to ₦905.

A regional breakdown of the revised prices is as follows: Lagos: ₦875, South-West: ₦885, North-West & Central: ₦895, North-East & South-South: ₦905 and South-East: ₦905.

In its announcement, Dangote Refinery encouraged consumers to purchase fuel only from authorised partner stations and urged the public to report any cases of non-compliance via its official hotlines: +234 707 470 2099 and +234 707 470 2100.

“Our quality petrol and diesel are refined for better engine performance and are environmentally friendly,” the company said.

Business

Naira Appreciates Against Dollar At Foreign Exchange Market

Published

4 weeks ago

May 17, 2025

Editor

The Naira ended the trading week on a positive note, recording a bullish close on Friday at the official foreign exchange market.

It appreciated N1,598.72 against the U.S. Dollar, reflecting a modest gain that suggests continued efforts to stabilise the local currency.

According to figures published on the Central Bank of Nigeria’s official website, the Naira strengthened by N0.60k against the Dollar on Friday.

This upward movement represents a 0.03 per cent appreciation compared to the N1,599.32 exchange rate recorded at the close of trading on Thursday.

The local currency had shown some resilience earlier in the week, posting gains on both Tuesday and Wednesday trading sessions.

On Tuesday, the Naira appreciated by 0.02 per cent, followed by a stronger gain of 0.21 per cent on Wednesday.

These improvements were seen as positive indicators of growing investor confidence and increased supply in the foreign exchange market.

However, Thursday’s trading session saw a minor setback, with the Naira slipping by N2.62 against the Dollar.

This loss equated to a 0.16 per cent depreciation, dampening the midweek rally seen in previous sessions.

Market analysts attributed Thursday’s dip to a brief increase in Dollar demand from importers and other market participants.

Despite this, the week still closed on a positive note, with the Naira showing signs of gradual recovery and increased market stability.

Analysts continue to monitor the Central Bank’s policies, especially interventions aimed at improving Dollar liquidity and managing demand pressures.

The Naira’s performance in the coming weeks will likely depend on consistent supply inflows and investor sentiment across the broader economic landscape.