7,552 BVN accounts on CBN watchlist over cybercrimes – Newstrends
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7,552 BVN accounts on CBN watchlist over cybercrimes

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7,552 BVN accounts on CBN watchlist over cybercrimes

The Central Bank of Nigeria (CBN) says about 7,552 BVN accounts are currently under its watchlist for cybercrime and other fraud-related transactions.

The CBN Director, Payment Systems Management department, Musa Jimoh, said this on the sidelines of the 34th seminar for finance correspondents and business editors themed in Calabar.

Jimoh spoke through the Deputy Director, Payment Systems Management Department at CBN, Adefuye Adeyemi, who represented him at the event.

He noted that although the confidence of the public had been impacted by cyber threats, collaborative efforts between the bank and the industry was helping to curtail fraudulent activities.

According to him, the CBN is closely monitoring some accounts and has about 7,552 accounts on its Bank Verification Number (BVN) watchlist.

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Jimoh also said despite the challenges in the payment system, the outlook for the payment system in Nigeria was good, providing huge opportunities for economic revival and growth.

He said the apex bank would continue to adopt a collaborative approach to achieve minimal cybersecurity threats in the payment system.

He said, “The PSV 2025 provides key recommendations on area of focus for the payment industry in the period under scope. The industry keeps attracting new entrants who through innovation, provide new solutions to emerging problems.
“The bank is the gatekeeper to the payment system through it’s licensing function which helps to ensure only fit and proper persons are admitted into the payment systems.

“As such, our focus in CBN will be on strengthening the institutional and regulatory frameworks that will further encourage development of the payment system and promote the usage of secure electronic payments systems enunciated in the PSV 2025 strategic plan.”

The apex bank also revealed that the volume of electronic transactions in the country grew by 836.50 per cent in nine years, noting that the cashless policy programme currently being implemented would take the nation’s economy to the next level.

7,552 BVN accounts on CBN watchlist over cybercrimes

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Tinubu orders creation of single-digit tax system

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Tinubu orders creation of single-digit tax system

President Bola Tinubu has directed a creation of a single-digit tax system with a maximum of nine taxes for a company or an individual.

Executive Chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, disclosed this in Abuja while speaking with the management team of Guinness Nigeria who paid him a visit.

A statement on Wednesday by Dare Adekanmbi, Special Adviser on Media to the FIRS chairman, quoted Adedeji as saying, “The President gave a directive that he wants a single-digit tax in the country, meaning that the maximum number of taxes we will have after the work of the Presidential Committee on Fiscal Policy and Tax Reforms will be nine taxes.”

The statement added that the plan was aimed at having a conducive environment “created for businesses to flourish and grow the economy.”

 

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Naira gains further against dollar

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Naira gains further against dollar

The Naira rose further in the official market on Tuesday, trading at N1,382.95 to the dollar.

According to data from the FMDQ’s official trading portal, the Naira rose by N25.09, or 1.78 percent, from the previous day’s rate of N1,408 versus the dollar.

On Tuesday, total turnover was $245.58 million, up from $222.15 million on Monday.

Meanwhile, at the Investor’s and Exporters (I&E) window, the Naira traded between N1,486 and N1,300 against the dollar.

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The News Agency of Nigeria (NAN) reports that the Central Bank of Nigeria (CBN) had, earlier on Tuesday at its 294th Monetary Policy Committee (MPC), raised Monetary Policy Rate (MPR) by 200 basis points from 22.75 per cent to 24.75 per cent.

CBN governor Yemi Cardoso said that was meant to tackle the nation’s rising inflation.

Naira gains further against dollar

(NAN)

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CBN jacks up interest rate amid soaring inflation

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CBN jacks up interest rate amid soaring inflation

The Central Bank of Nigeria (CBN) on Tuesday raised the interest rate from 22.75 per cent to 24.75 per cent amid soaring inflation.

Governor of the central bank, Olayemi Cardoso, made this known after the two-day Monetary Policy Committee (MPC) meeting held on Monday and Tuesday.

The country’s latest annual inflation rate jumped to 31.70 per cent from 29.90 per cent for last month, fueled by a continuous rise in food prices.

Cardoso disclosed that the MPC voted to adjust the asymmetric corridor around the MPR at +100 to -300 basis points.

He said the committee voted to retain the Cash Reserve Ratio (CRR) at 45 per cent for commercial banks and adjust the CRR of merchant banks from 10 per cent to 14 per cent.

The committee also voted to retain the liquidity at 30 per cent.

He said, “Members noted the continued rise in headline inflation driven largely by food prices, because of supply shortages, and high cost of Logistics and Distribution.

“The committee, therefore, was of the view that addressing food insecurity is key to containing current inflationary pressures.”

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