CBN Cautions Nigerian Banks, Others Against E-Payment Penalty

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The Central Bank of Nigeria (CBN) has cautioned banks and other electronic payment service providers in the country to navigate to the evolving and increasing complex regulatory environment to avoid penalty.

The caution was given by the Director, Banking and Payments System Department, CBN, Mr. ‘Dipo Fatokun, in a statement made available to The Punch.

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Fatokun made this known at the Finance Correspondents Association of Nigeria Bi-Monthly Forum in Lagos on Saturday, while making a presentation.

In the statement, he described fraud as the biggest challenge facing the electronic payment sector, stressing the need for banks, customers and regulators to tackle it.

 “Electronic payments continue to be a growth story across the world and Nigeria is not an exception, but banks and other service providers face a number of challenges in ensuring that they make the most of this opportunity,” he said.

He said the Nigerian electronic payments industry had been evolving in line with the evolution in global payments in both wholesale and retail systems.

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Fatokun said banks, payment service providers, and the CBN had played various roles in developing the payments system and creating products and channels for electronic payments.

“The ATM channel accounts for the highest volume of transactions, while the NIP accounts for the highest value of transactions annually. This is because the ATM is usually the e-payment channel that new and lower value account holders always interface with, while corporates and upwardly mobile middle class customers make transfers using NIP,” he said.

He said the Retail Payments Transformation Programme of the CBN had led to the introduction of various electronic payment products and services by operators in the industry.

“The electronic products are gradually reducing the usage of cheques and cash, as noticed consistently in the annual performance report since the inception of the Cashless Policy in 2012,” he said.

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How The Naira Fared Against Dollar On Parallel Market (Aug 6)

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The naira on Sunday, August 6, closed at 365 per United States dollar at the parallel market, reversing the gain it recorded in the past week.

Last week, the local unit had closed at 363/dollar.

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The Nigerian currency, which initially traded at 365/dollar, recorded slight after the Central Bank of Nigeria (CBN), sold $462m to players in the foreign exchange market last Monday.

The apex bank specifically sold the total sum of $462,336,426.74.

A breakdown showed that the Retail Secondary Market Intervention Sales received the largest allocation of $267.3m, while the sum of $100m was offered for wholesale interventions; the sum of $50m was allocated to the Small and Medium Enterprises forex window.

CBN Warns Against Abuse Of The Naira | Offenders Liable To N50,000 Fine Or 6-Month Imprisonment

Those requiring foreign exchange for Business/Personal Travel Allowances, tuition and medical fees, among others, got a total allocation of $45m.

The naira is forecast to trade in a narrow range this week, and is expected to get support due to dollar inflows from CBN.

At the official interbank market, the naira has stuck around 305.90/dollar since August 2016.

On the CBN Investor and Exporters FX window, the local currency was quoted at 367 to the dollar, Reuters reported.

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