CBN to extend BVN registration to MfBs, PMIs customers

Central Bank of Nigeria (CBN) plans to extend the Bank Verification Number (BVN) registration project to customers of other Financial Institutions (OFIs), its Director, Banking and Payment Systems Department, Mr Dipo Fatokun, has said.
The OFIs are Microfinance Banks, Primary Mortgage Institutions and others.
Fatokun made the disclosure at a bi-monthly forum organised by Finance Correspondents Association of Nigeria (FICAN) in Lagos on Sunday.
The forum had its theme as “Recent Developments in the Electronic Payments System and Implications for Consumers of Electronic Payment Services.
Fatokun said as the operators of the institutions were already working toward having their customers included in the BVN project.
He said the CBN would have OFIs customers enrol through deposit money banks because of the

Recession: How FG plans to ease hardship – CBN

The Central Bank of Nigeria (CBN) yesterday unfolded policies to reduce hardship of Nigerians and the current economic recession.
The apex bank assured that government and the apex bank were aware of the prevailing tough economic climate, assuring that the situation would soon be overcome.
CBN’s Acting Director, Corporate Communications, Isaac Okoroafor said at a fair organised for small and medium scale enterprises, artisan, farmers, banks, hairdressers, barbers, shoemakers and other business groups in Enugu, that N220 billion funds made available for Micro Small and Medium Enterprises (MSMEs) could be easily accessed.
Okoroafor said 60 per cent of the funds were meant for women and women-owned enterprises.
He revealed that some states had already accessed the funds to the tune of N2 billion.
According to him, the CBN also has the Commercial Agric Credit Scheme (CACS) for larger commercial farmers.

CBN warns banks over bon-reversal of e-transactions dispense errors

Inundated by complaints from bank customers over delays and most times non-reversal of dispense errors encountered during electronic transactions, the Central Bank of Nigeria (CBN) has said it will start monitoring banks to ensure that dispense errors are automatically reversed and the account of the customer credited.
The CBN, which said banks that continue to err would be sanctioned, added that it plans to extend the Bank Verification Number (BVN) registration to customers of other financial institutions such as Microfinance Banks (MFBs) and Primary Mortgage Institutions (PMIs), among others.
The CBN Director, Banking and Payment Systems Department, ‘Dipo Fatokun, said this at the Finance Correspondents Association of Nigeria (FICAN) Bi-monthly forum hosted by the central bank in Lagos at the weekend. He spoke on the topic: “Recent Developments in the Electronic

Sell The Refineries – MAN tells Buhari

Frank Jacobs

Frank Jacobs, President of the Manufacturers Association of Nigeria (MAN), says the President Muhammadu Buhari-led administration should privatise national refineries to make them fully functional and save money.
Speaking with NAN in Abuja, Jacobs said privatising the refineries, if fully functional, would also help boost the economic situation of the country.
“Government should consider privatising the four national refineries to make them fully functional to save money for other purposes,” he said.
“Proper deregulation of the downstream petroleum sector will encourage private investment in domestic refining and petrochemical industry.”

We’re aware Nigeria is in trouble – CBN

The nation’s apex bank, Central Bank of Nigeria (CBN) yesterday announced that it was aware of the troubling economic outlay in country.
It declared that as part of palliative measures, it has established special funds under its various schemes to help provide easy access to investment funds by Micro Small and Medium Scale Enterprises (MSME).
To this end, the apex bank asked Nigerians to take advantage of the numerous policies, initiatives and programmes packaged by the bank to cushion the effects of the biting economic recession in the country.
It noted for instance that its N220 billion fund made available for MSME can be easily accessed.
Speaking at the bank’s fair organised for small and medium scale enterprises, artisan, farmers, banks, hairdressers, barbers, shoemakers and other business groups in Enugu at the weekend, the

CBN to place fraudulent bank customers on watch-list

Godwin ifeanyi Emefiele

The Central Bank of Nigeria (CBN) yesterday said it is working out regulatory framework that would enable it to either blacklist fraudulent bank customers, or at least, place them on watch-list across the banking industry.
CBN Director, Banking and Payment Systems Department, ‘Dipo Fatokun who disclosed this at the Finance Correspondents Association of Nigeria (FICAN) Bi-Monthly Forum hosted by the apex bank in Lagos, said such feat can only be achieved with the help of the Bank Verification Number (BVN).
He explained that the BVN involves capturing of customers’ physiological or behavioral attributes – fingerprint, signature among others which is coordinated by the CBN and banks in collaboration with the Nigeria Interbank Settlement System (NIBSS).
Data from the CBN showed that although e-fraud rate in terms of value dropped by 63 per cent last year, after the BVN introduction and improved collaboration among banks via the fraud desks,

PMS: Fuel marketers finally settle for N145 per litre

Oil marketers in the country have rescinded their decision to push for an increment in the pump price from its current N145 to about N165 per litre.
The Executive Secretary, Major Oil Marketers Association of Nigeria, Mr. Obafemi Olawore, confirmed this in an interview.
He said, “The government has assured us that it will support us in accessing foreign exchange at the interbank market rate. Major marketers are not pressing for an increase in pump price.
“You can see that some filling stations are even selling below N145 per litre.”
It was learnt the Federal Government, in a bid to avert further hike in the pump price of Premium Motor Spirit (petrol), had promised marketers to help them access foreign exchange at N305 to a dollar to enable them to import the product.

Nigerian stock market loses N61bn in one week

Activities on the floors of the Nigeria Stock Exchange (NSE) last week dropped as the NSE All Share Index (ASI) and market capitalisation declined by 0.65 per cent to close at 27,577.52 and N9.473 trillion respectively.
For the NSE ASI, the stock market depreciated 179.15 having moved down from 27,756.67 it stood the previous week while for the market capitalisation, the bourse lost N61 billion dropping from N9.534 trillion it closed the previous week.
Similarly, all other Indices finished lower during the week, with the exception of the NSE Main Board Index, NSE Insurance Index, NSE Consumer Goods Index and the NSE Pension Index that appreciated by 0.01 per cent, 0.12 per cent, 0.50 per cent and 0.26 per cent respectively while the NSE ASeM Index closed flat.