Tag: CBN

CBN’s directive on customers’ social media handles illegal – NDPC

Aminu Imam

The Nigeria Data Protection Commission (NDPC) has said the Central Bank of Nigeria (CBN)’s directives to commercial banks to collect their customers’ social media handles is illegal. The National Commissioner of NDPC, Dr. Vincent Olatunji, who stated this in a statement issued by the Head of Media, Itunu Dosekun, in Abuja yesterday, said it was currently engaging with the CBN on the issue. Recall that the CBN on June 26, directed banks to obtain the social media handles of customers as part of enhanced Customer Due Diligence (CDD) regulations. However,…

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CBN pegs daily limit on contactless payments at N50, 000 daily

Aminu Imam

The Central Bank of Nigeria (CBN) has pegged daily transaction limits to N50, 000 for contactless payment. The apex bank, in a circular on Tuesday, signed by its Director, Payments System Management Department, Musa Jimoh, said due to the risks associated with contactless payments, “verification and authorisation would be required for transactions above the limits”. “Following the issuance of the guidelines on contactless payments in Nigeria and in cognisance of the risks associated with contactless payments, the bank, hereby, defines transaction limits above which verification and authorisation are required,” the…

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SERAP threatens to sue CBN over regulations on customers’ social media handles

Aminu Imam

Socio-Economic Rights and Accountability Project (SERAP) has threatened to sue the Central Bank of Nigeria (CBN) over its new Regulations on customers’ social media handles. The apex bank, in its new customer Due Diligence Regulations, which is aimed at further deepen the identification process in the banking system, had mandated Financial Institutions to obtain the social media handle, e-mail addresses, telephone numbers, residential addresses, among others from their customers. But reacting, SERAP urged the Acting Governor of the CBN, Folashodun Shonubi, to immediately delete the provisions in the CBN (Customer Due…

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Banks must obtain customers’ social media handles for identification – CBN

Aminu Imam

Central Bank of Nigeria, (CBN), has directed financial institutions to request their customers’ social media handles, as well as other personal information in a bid to combat money laundering and other various offences. The CBN, in a recent memo to the banks, said the directive on strengthening customer due diligence is in line with their regulations on money laundering, terrorism and financing of terrorism. CBN said in the statement that the information banks are mandated to obtain from their customers in line with the customer due diligence are; legal name…

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CBN lifts cash deposit restriction on domiciliary accounts

Aminu Imam

…Allows $10, 000 withdrawals daily The Central Bank of Nigeria (CBN) issued a press statement on June 18, 2023, providing further guidance to Deposit Money Banks (DMBs) on the operational changes to the foreign exchange market announced on June 14, 2023. The statement followed an extraordinary Bankers’ Committee meeting held to discuss the implementation and implications of the policy changes for the banking public. According to the CBN, the policy changes aim to promote transparency, liquidity, and price discovery in the FX market in order to improve FX supply, discourage…

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‘No plans to phase out redesigned Naira notes’ – CBN

Aminu Imam

The Central Bank of Nigeria (CBN) said no plans to phase out the redesigned Naira notes from circulation. CBN’s Acting Director, Corporate Communications Department, Isa AbdulMumin, made this known in a statement in Abuja yesterday. The statement was a reaction to viral news on social media that the apex bank was contemplating the withdrawal of the recently redesigned N1,000 N500 and N200 currency banknotes from circulation. “We wish to emphatically state that such speculation is unfounded and a ploy by some interests to cause panic among members of the public.…

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CBN takes custody of dormant account funds from banks

Aminu Imam

The Central Bank of Nigeria (CBN) has said that accounts that remain dormant will be moved to its “Unclaimed Balances Trust Fund Pool Account”. To this effect, the apex bank has released an exposure draft of guidelines for the management of dormant accounts, unclaimed balances and other financial assets in banks and other financial institutions in Nigeria. The draft guidelines are being issued in response to requests from banks and other stakeholders for further clarification on the procedures for managing dormant and inactive accounts. The guidelines mandate that the CBN…

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Chris Ngige meets NLC, CBN officials over planned ‘stay-at-home’

Aminu Imam

Minister of Labour and Employment, Senator Chris Ngige, yesterday met with representatives of the Nigeria Labour Congress (NLC) and the Central Bank of Nigeria (CBN), in an effort to prevent the NLC’s planned nationwide picketing of CBN offices over the lack of naira notes. The CBN Governor, Godwin Emefiele, was joined by two Deputy Governors, Kingsley Obiora (Economic Policy) and Ade Shonubi, while the NLC delegation, which consisted of ten people, was led by Comrade Joe Ajaero and Emmanuel Ugboaja (Organised Private Sector). Recall that the Congress threatened to launch…

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Naira Scarcity: CBN jittery, orders banks to open on Saturdays, Sundays

Aminu Imam

…”No going back on picketing its branches nationwide” – NLC The Central Bank of Nigeria (CBN) has directed all commercial banks to open for operation on Saturdays and Sundays, as part of a coordinated effort to ease circulation of Naira of all denominations. This came as the Nigerian Labour Congress (NLC) declared that there is no going back on its decision to picket the CBN by Wednesday. This is as the bank says it has confirmed the evacuation of banknotes from its vaults to commercial banks across the country. The…

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Banks mop-up old notes from CBN to ease cash crunch

Aminu Imam

The Central Bank of Nigeria (CBN) has directed commercial banks to immediately retrieve the old naira notes they deposited in its branches to ease the cash crunch across the country. Recall that the apex bank had mopped up the old N1, 000, N500 and N200 notes in response to the introduction of new ones as part of the cashless policy of the federal government. As the cash crunch takes heavy toll on the citizens and the economy and amid mounting pressure from various stakeholders for the CBN to rethink its…

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