Business
CBN To Audit E-payment System, Watchlists 572 Bank Customers
Published
1 year agoon
By
EditorThe Central Bank of Nigeria, CBN, has said it will soon audit the nation’s payment system in order to cope with future growth in electronic banking transactions.
The audit follows the challenges and widespread transaction failure experienced by bank customers due to the spike in the number of e-payment transactions during the naira redesign programme.
Meanwhile, the apex has placed an e-payment ban on the Biometric Verification Number, BVN, of 572 bank customers for fraud related issues.
Deputy Director, Payment System Department, CBN, Adewuyi Adeyemi disclosed this at the 34th CBN seminar for finance correspondents and business editors in Calabar, Cross Rivers State.
READ ALSO: CBN Closes 31 Banks In Lagos, 72 Microfinance Banks Nationwide
He said: “In the last four years we have had a spike in transactions twice. First time was during COVID and January this year, during the currency redesign. Actually there are advantages and disadvantages to that spike in volume.
“During the COVID, we had Payment System Vision, PSV 2020, where we were trying to drive e-payment adoption across many sectors of the economy. COVID actually pushed the bar because our target for e-payment transactions was actually exceeded.
“The same thing happened this year. I can say we were actually not ready for the spike in volume we experienced during the naira redesign. That is one of the reasons why we decided internally that this year we should actually conduct an infrastructure audit based on the principle of Financial Market Infrastructure which is an international standard.
“We have done it before. It was part of the PSV 2020. We did it in 2018. So we know how to do it. We are not doing it as CBN. We are actually hiring a foreign consultant to do it to ensure there is no bias.
READ ALSO: Dormant Accounts: CBN Slams N2m Fine On Erring Banks
“The audit will give us an opportunity to benchmark our maturity level against international standards. That way we will be able to identify gaps in our infrastructure that we need to close if you really want to be there.”
Meanwhile, Adeyemi also disclosed that CBN has placed an e-payment ban on the BVN of 572 bank customers due to fraud related issues.
Adeyemi further explained that the BVN of the 572 customers have been placed on watchlist, which means they have been banned from the e-payment system and can only conduct banking transactions by visiting the bank branch where their account is domiciled.
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Business
JUST IN: CBN Raises Interest Rate to 26.75% Amid Surging Inflation
Published
4 days agoon
July 23, 2024By
EditorThe Central Bank of Nigeria, CBN, Monetary Policy Committee, MPC, on Tuesday raised the interest by 50 basis points to 26.75 per cent from 26.25 per cent in May 2024.
CBN governor, Olayemi Cardoso, announced this at a press briefing on Tuesday at the end of the two-day 296th MPC in Abuja.
According to him, the decision to further increase the interest rate is to tackle the country’s rising core inflation and food inflation which stood at 34.19 per cent and 40.87 per cent, respectively in June.
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He said members of the MPC are not oblivious of the need to address the rising prices of food in Nigeria, necessitating the interest rate hike.
DAILY POST reports that the implication of the interest rate hike is that businesses, farmers, manufacturers and investors will have to pay more to get loans from banks.
The 296th MPC meeting is the fourth time the interest rate has been increased since the appointment of Cardoso in September last year.
Recall that in May 2023, when President Bola Tinubu was inaugurated, Nigeria’s interest rate stood at 18.75 per cent while inflation rate stood at 22.41 per cent.
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Meanwhile, despite CBN’s continued interest rate hikes, the country’s inflation has not cooled off.
Earlier analysts had called for a pause in the hike of the interest rate.
The Director of the Centre for Promotion of Private Enterprise, Muda Yusuf, backed call for a pause in the hike of the interest rate.
According to him, the monetary instruments have been overstretched, hence not productive.
“I think we have overstretched monetary instruments because of inflation. They should put a pause on interest rate hikes,” he said.
Business
CAC To Cancel Certificates Of BDCs With Revoked Licences
Published
2 weeks agoon
July 11, 2024By
EditorThe Corporate Affairs Commission (CAC) has said it would cancel the certificates of incorporation of Bureaux De Change(BCDs) whose licences have been revoked by the Central Bank of Nigeria( CBN).
The Nation reported in February the CBN revoked the licences of 4,173 Bureau De Change operators over their failure to meet regulatory guidelines.
In a statement by its acting Director, Corporate Communications, Sidi Hakama, CBN explained that the regulatory provisions flouted include nonpayment of all necessary fees within the stipulated period.
CBN said: “The affected institutions failed to observe at least one of the following regulatory provisions: Payment of all necessary fees, including licence renewal, within the stipulated period in line with the guidelines.
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“Rendition of returns in line with the guidelines; compliance with guidelines, directives, and circulars of the CBN, particularly Anti-Money Laundering, Countering the Financing of Terrorism and Counter-Proliferation Financing regulations.”
However, in line with the above directive by the CBN, the CAC in a notice on its website on Wednesday, said the certificates would be cancelled within three months if the affected companies do not change the names and objects of such companies.
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“The general public is hereby informed that following the revocation of the operational licenses of 4,173 Bureau De Change companies by the Central Bank of Nigeria vide a Federal Republic of Nigeria Official Gazette (Vol. 111) No. 37 of February 27, 2024 for noncompliance with Regulatory Standards, the Corporate Affairs Commission in the exercise of its powers under section 8(1)(e) of the Companies and Allied Matters Act, 2020 advises these companies to within three months from the date of this publication, change the names and objects of such companies.
“Failure to change the names and objects within the stipulated time frame shall result in cancellation of certificate of incorporation and dissolution. It is to be noted that it is unlawful for a company whose certificate has been deemed dissolved to carry on business,” the CAC notice reads.
Business
FG Suspends Taxes On Maize, Wheat, Rice, Others
Published
3 weeks agoon
July 8, 2024By
EditorThe Federal Government has suspended duties, tariffs and taxes on some essential food items imported through land and sea borders.
Minister of Agriculture and Food Security, Abubakar Kyari, announced this at the National Press Centre, Abuja.
Kyari also said the Federal Government has also inaugurated the Renewed Hope National Livestock Transformation Implementation Committee to develop and implement policies that prioritize livestock development and align with the National Livestock Transformation Plan.
He stated that the listed food items, which include maize, wheat, husked brown rice and cowpeas, will enjoy a 150-day Duty-Free Import Window.
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He added that the move is part of the Presidential Accelerated Stabilization and Advancement Plan, which is aimed at achieving food security and economic stability in the country.
According to him: “The Federal Government has announced a 150-day Duty-Free Import Window for Food Commodities, suspension of duties, tariffs and taxes for the importation of certain food commodities (through land and sea borders). These commodities include maize, husked brown rice, wheat and cowpeas.
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“Under this arrangement, imported food commodities will be subjected to a Recommended Retail Price (RRP).
“I am glad to reiterate that the Government’s position exemplifies standards that would not compromise the safety of the various food items for consumption.
“In addition to the importation by the private sector, the Federal Government will import 250,000MT of wheat and 250,000MT of maize. The imported food commodities in their semi-processed state will target supplies to the small-scale processors and millers across the country.”
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