Naira rebounds, now N208 to dollar as CBN moves against illicit financial flows

 The Naira at the weekend appreciated against major currencies, especially the dollar, which exchanged for between N206 and N210 at the parallel market on Sunday.

 The currency, which had lost up to 20 per cent of its value recently when a dollar exchanged for N245, responded to series of policies churned out by the Central Bank of Nigeria (CBN).

 As part of efforts to further strengthen the naira, the apex bank, at the weekend, vowed to move against illicit financial flows.

 The CBN policies which have seen Naira firm up have, however, brought untold hardship on Nigerians on vacation abroad as they find it difficult to make withdrawals from their domiciliary accounts from outside the country.

 In its plan to properly price the Naira, the apex bank had been tweaking its foreign exchange policies.

Nigerians And BVN Palava!!!

Nigerians and their last minute rush for BVN Registration. When are we going to learn to do the right thing at the right time in Nigeria?

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Banks May Deny 14.6 Million Customers Services By Wednesday

Barring any last minute extension by the Bankers’ Committee of the Central Bank of Nigeria, Deposit Money Banks will on Wednesday start to deny about 14.6 million customers from enjoying banking services over their failure to obtain Bank Verification Numbers.

The BVN project, which commenced in February 2014, will officially close on Tuesday, June 30, 2015.

The Bankers’ Committee, which comprises of the CBN, bank CEOs and a few other stakeholders, had given June 30, 2015 as the deadline for the customers to do their biometric registration and obtain their BVNs.

However, as of June 11, 2015, the committee said only 14 million customers had been registered under the BVN project.