Friday, November 16, 2018

Tag "BVN"

    ICYMI: 31m Nigerians now have BVN, says CBN

ICYMI: 31m Nigerians now have BVN, says CBN

The Central Bank of Nigeria (CBN) has captured no fewer than 31 million account customers in its bank verification number (BVN) project aimed at ensuring unique identifier in the Nigerian banking industry.Dipo Fatokun, CBN director, banking and payment system, disclosed this in a paper titled 'Nigeria’s progress towards the creation of a robust, trusted and inclusive financial services environment' delivered [...]

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    Banks lose 2m customers in two years

Banks lose 2m customers in two years

Data made available by the Nigeria Inter-Bank Settlement System (NIBSS) show that banks lost two million customers between 2016 and 2017.The total number of bank accounts dropped to 59 million in 2017 from 61 million in 2016.According to NAN, the number of active bank accounts also reduced by 1.5 million, dropping from 65 million to 63.5 million.The report showed that linked [...]

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    Buhari: TSA, BVN save us over N24bn monthly

Buhari: TSA, BVN save us over N24bn monthly

President Muhammadu Buhari says the establishment of treasury single account (TSA) and enforcement of biometric verification number (BVN) save Nigeria an estimated N24.7 billion monthly.Buhari said this at the National Information Technology Development Agency (NITDA) e-Nigeria Conference which held in Abuja on Tuesday.He said a renewed focus on information and communications technology (ICT) has had positive effects on the nation’s economy, [...]

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    Adegboruwa: BVN not backed by law… court order to freeze bank accounts illegal

Adegboruwa: BVN not backed by law… court order to freeze bank accounts illegal

Ebun-Olu Adegboruwa, human rights lawyer, has described as illegal, the order granting forfeiture of funds in accounts without bank verification number (BVN) to the federal government.On Saturday, TheCable reported that 19 banks had been directed and given the ultimatum of 14 days to advertise accounts without BVN in a national newspaper.This order was given by Nnamdi Dimgba, a judge of [...]

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    FRAUD WATCH: Banks to start monitoring customers’ accounts

FRAUD WATCH: Banks to start monitoring customers’ accounts

The Central Bank of Nigeria (CBN) has directed deposit money banks and other financial institutions to monitor accounts of customers where fraudulent activities are suspected.According to a regulatory framework for BVN operations and watch-list for the banking industry released on Thursday, banks have the right to bar a watch-listed customer from opening an account or using its electronic service."This framework [...]

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    Govs don’t want us to probe bailout funds, says ICPC

Govs don’t want us to probe bailout funds, says ICPC

Ekpo Nta, chairman of the Independent Corrupt Practices and Other Related Offence Commission (ICPC), on Monday said most governors were against the probe of the bailout funds given to them by the federal government.Nta said this in Bauchi during an anti-corruption summit, which had as its theme: ‘Transparency and Accountability: A Panacea to Good Governance and Sustainable Development’.“Most of the [...]

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    Oyo slashes salaries of political office holders by 50%

Oyo slashes salaries of political office holders by 50%

The Oyo state government has slashed the salaries of political office holders by 50 percent.Olalekan Alli, secretary to the state government (SSG), who disclosed this, said compensation, approval limits and government’s spending were aso affected by the new development, which he described as a measure to shore up the dwindling revenue base of the state.He said the state had been [...]

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    CBN extends BVN registration in diaspora, hires fresh consultant

CBN extends BVN registration in diaspora, hires fresh consultant

The Central Bank of Nigeria (CBN) has engaged the services of Avante International Technologies to help ease the Bank Verification Number (BVN) registration process outside the country.The apex bank also extended registration of BVN by five months, to December 31, 2016.In a circular signed by Dipo Fatokun, director of CBN banking and payment systems, the bank said Avante will join [...]

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    FG ‘weeds 23,846 ghosts, saves N2.2bn monthly’

FG ‘weeds 23,846 ghosts, saves N2.2bn monthly’

The ministry of finance says it has saved the federal government N2.293 billion by weeding out 23,846 ghost workers in the month of February alone.Using the bank verification number-based staff audit and enrolment to the Integrated Payroll and Personnel Information System (IPPIS), the federal government says the salary bill for February 2016 has reduced by N2.293 billion when compared to [...]

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    CBN lists solutions to BVN registration challenges

CBN lists solutions to BVN registration challenges

The Economic and Financial Commission (EFCC) has a role to play in the closure of the bank accounts without bank verification numbers (BVN), the central Bank (CBN) has confirmed.In this circular, the CBN explained the role of the EFCC’s financial intelligence unit, while clarifying other matters arising from BVN registration.FULL TEXT OF CIRCULARYou will recall the CBN issued a circular [...]

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    FG ‘uncovers’ 23,000 ghost workers

FG ‘uncovers’ 23,000 ghost workers

Kemi Adeosun, minister of finance, on Thursday revealed that about 23,000 ghost workers had been uncovered in the federal civil service.Speaking when she appeared before the senate committee on finance, Adeosun said the adoption of the Integrated Personnel Payroll Information System (IPPIS) and Bank Verification Number (BVN) platforms helped in exposing the fraud being perpetrated by civil servants.She said those [...]

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    Nigeria’s reserves fall by $92m in 24 hours

Nigeria’s reserves fall by $92m in 24 hours

It is a new year, but the same old story of falling reserves has refused to go away, with the Nigerian forex stock falling by $91,571,740 in 24 hours.The $91.6 million fall in Nigeria’s reserves is about the biggest decline since the Central Bank of Nigeria (CBN) implemented the use of bank verification number (BVN) in forex trading.According to the latest [...]

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    Forex-selling ‘mallams’ defy CBN, continue street trading

Forex-selling ‘mallams’ defy CBN, continue street trading

Foreign exchange trading by so-called “mallams” has continued in 2016, defying the orders of the Central Bank of Nigeria (CBN), which put an end to it.In December 2015, the CBN issued a circular, declaring the street trading of dollars and other foreign currencies as no longer permissible.The CBN, in the circular, did not outline how it will deal with hawkers [...]

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    CBN asks banks to continue BVN registration

CBN asks banks to continue BVN registration

The Central Bank of Nigeria (CBN) had asked commercial banks in Nigeria to continue bank verification number (BVN) registration, regardless of the October 31 expiration.Ibrahim Mu’azu, the bank’s director of communications, gave the directive on Tuesday, urging Nigerians to visit their banks to register for BVN.“The attention of the Central Bank of Nigeria (CBN) has been drawn to complaints by [...]

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    BVN registration continues in Lagos

BVN registration continues in Lagos

Five days after the expiration of the deadline for the registration of Bank Verification Number (BVN), banks in Lagos are still registering customers and synchronising their accounts.Some of the banks which NAN visited in the metropolis had a good number of customers who called to either comply with the exercise or to synchronise their accounts.An official of one of the [...]

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    Nigerians abroad get Jan 31 as deadline for BVN registration

Nigerians abroad get Jan 31 as deadline for BVN registration

The Central Bank of Nigeria (CBN) has extended the deadline for Bank Verification Numbers (BVN) of Nigerian bank customers in the Diaspora to January 31, 2016.Ibrahim Mu’azu, the bank’s director of corporate communications, confirmed this in a statement issued in Abuja on Monday.Mu’azu explained that the extension was to enable the customers in Diaspora to complete the enrollment as well [...]

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Exchange Rates

November 13, 2018USDGBPEUR
INTERBANK306397354
LAGOS359475418
KANO359476420
PH360476420
ABUJA359478419
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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