The Nation Newspaper

Tag: Central Bank of Nigeria

  • INEC commences deployment of sensitive, non-sensitive materials to states

    The Independent National Electoral Commission ( INEC ) has commenced the deployment of sensitive materials and non-sensitive materials to states ahead of the forthcoming general elections.

    Sensitive materials are the ballot papers, result sheets and others.

    Besides, the commission said it has taken a decision on APC Rivers.

    Read Also: ‘INEC should postpone Rivers elections’

    According to Barrister Festus Okoye, the Central Bank of Nigeria (CBN) state officers have started receiving the sensitive materials

    On the burnt Permanent Voters Cards (PVCs), Okoye said the commission would look at the possibility of printing new ones for those affected.

    Besides, INEC has directed its offices in the states to beef up security.

    Details shortly…

  • Failed e-transactions: report defaulting banks to us, says CBN

    The Central Bank of Nigeria (CBN), said any failed instant payment transaction not reversed into the customer’s account within 24 hours after  complaint by the sender or beneficiary should be reported to CBN

    The Director, Consumer Protection Department, CBN, Mr Kofo Salam-Alada said this in an interview with the News Agency of Nigeria (NAN) on Sunday in Abuja.

    The director recalled that the CBN had in September 2018 published a circular on the guidelines for instant electronic payments, which also include sanctions for banks and other financial institutions that abuse the system.

    He said that the CBN had mandated banks to pay a fine of N10,000 to customers for each failed transaction not resolved within 24 hours.

    “When you do instant payment, you want it to be instant and when it is not achieved then there should be sanctions to such providers.

    “However, we want to use this medium to inform the public that the first point of call is actually your service provider not CBN and it is only when your bank cannot resolve it and there’s no promise of resolution that you come to CBN.

    “After that, the CBN can step in and look at the issues and see whether the customer is entitled to what he’s claiming against the bank.

    “It is not all the time that customers come to the bank that they will get what they want.

    “We will examine the issues and see whether there was any failure on the part of the bank before the decision is made,” he said.

    NAN recalls that the Circular was issued on the regulation of instant inter-bank electronic funds transfer services in Nigeria to all Deposit Money Banks, microfinance banks, mobile money operators, development finance institutions and payment service providers.

    The CBN in the circular announced that any failed instant payment transaction not reversed into the customer’s account within 24 hours will attract a fine of N10,000.

    It also said that delayed application of inward NIP into beneficiary’s accounts beyond four minutes would attract a penalty fee of N10,000 per item.

    According to the CBN, all instant electronic funds transfer disputes should be resolved within three working days.

    Also, where a customer and the bank fail to agree, the aggrieved entity should report to the Director, Consumer Protection Department, CBN within five working days of the failure to resolve the dispute so as to minimise customer pain.

    Meanwhile, some customers who spoke to NAN urged the CBN to do all it could to ensure the banks complied with its directive.

    Mrs Agatha Eze, a trader, said she transferred money to her customer who supplied some items to her in Kano and it took three days before the customer was credited.

    “I had to go to my Gurantee Trust Bank branch to make a complaint of the issue on the second day where I was told to fill a form.

    Read also: Challenges to financial inclusion, by CBN

    “It took up till the next day before the customer was finally credited, after much misunderstanding from all parties.’’

    Mr John Ogar, a business man, also complained of having issues with a client due to a failed transaction where the money was not reverted immediately.

    “Yesterday I had a serious clash with a client who I transferred money to and he did not receive the money.

    “The money left my account but did not get to him immediately due to network failure from his bank according to what my accountant said.

    “The advent of e-transactions is good and commendable but with all these issues it is causing between me and my clients, I may not continue using it.

    “If the CBN is asking us to go cashless and do e-transactions, they should also ensure the certainty and ease of doing such transactions.’’

    Another bank customer, Mrs Blessing Adole, also said she had similar issue where she did a transaction that failed and the money was not reverted till after one week. (NAN)

  • $8.1b MTN fine: Court adopts settlement terms as judgment

    The Federal High Court in Lagos on Thursday adopted the settlement terms in a suit by MTN Nigeria Communications Limited against the Federal Government.

    MTN challenged the $8,134,312,397.63 demanded from it by the Central Bank of Nigeria (CBN) over alleged forex remittance infractions.

    But the telecoms firm prayed the court to restrain the CBN and the Attorney-General of the Federation (AGF) from imposing punitive sanctions against it.

    The CBN accused MTN Nigeria of improper dividend repatriations and demanded that $8.1 billion be returned “to the coffers of the CBN”.

    On Thursday, MTN’s lawyer Chief Wole Olanipekun (SAN), who led other Senior Advocates of Nigeria (SANs) Mr Damian Dodo, Fabian Ajokwu and Adeniyi Adegbonmire, told Justice Saliu Saidu that parties have resolved the dispute amicably.

    He said terms of settlement were filed last December 28.

    CBN’s counsel Mr Henry Ejiofor confirmed that parties have settled out of court.

    He urged the court to enter the terms of settlement as judgment.

    The AGF, represented Olanike Idenu, did not oppose the settlement proposal.

    He asked that his client’s name be struck out from the suit.

    Justice Saidu thanked parties for not wasting precious judicial time by going through the rigour of a trial.

    He adopted the terms of settlement terms as the judgment of court and struck out the AGF’s name from the suit.

    The Federal Government accused MTN of unpaid taxes on foreign payments and imports, asking it to pay approximately $2billion in relation to the taxes.

    According to the CBN, MTN and four banks – Standard Chartered Bank, Citi Bank, Stanbic IBTC Bank and Diamond Bank – deliberately flouted the “laws and regulations…including the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act, 1995 and the Foreign Exchange Manual, 2006.”

    The banks allegedly colluded with MTN, using irregular Certificates of Capital Importation (CCI), to illegally remit foreign exchange abroad.

    The four banks were slammed a combined N5.87 billion fine.

    MTN had denied the allegations and subsequently filed the suit.

    It sought a declaration that it was “not liable to refund $8,134,312,397.63 to the coffers of the first defendant (CBN) premised on the decisions reached in the first defendant’s letter of 28/8/2018.”

    It is prayed the court to declare that “the first defendant’s decision in its letter of August 28, 2018 with Ref No GBD/GOV/COM/DGF/118/121 addressed to the plaintiff and titled: ‘Investigation into the remittance of foreign exchange on the basis of the illegal capital importation certificates issued to MTN Nigeria Communications Limited’ was reached in breach of the plaintiff’s right to fair hearing.”

    The plaintiff urged Justice Saidu to hold that CBN “lacks the power to determine the civil obligations or penal liabilities of the plaintiff.”

    It also prayed the court to declare that CBN acted ultra vires (outside) its statutory powers when it wrote the August 18 letter to it demanding a refund of $8.1billion.

    Read Also: Sylva to Dickson: you have no fear of God

    MTN asked the court to hold that the $8.1billion demand was “illegal, oppressive, abusive, unauthorised and unconstitutional.”

    It also urged the court to void the September 3, 2018 letter written to it by the AGF demanding $8.1billion as “penalties for the offence of ‘infraction of forex remittances’.”

    MTN prayed for an order “restraining the first and second defendants from giving effect to the decisions, demands and directives in their letters of August 28, 2018 and September 3, 2018, respectively.”

    But, the CBN, in its statement of defence and counter-claim, is urged the court to dismiss MTN’s suit for lacking in merit.

    It insisted that the plaintiff must refund the $8.1billion to the Federal Government.

  • CBN injects $210m into forex market

    The Central Bank of Nigeria (CBN) has sustained its intervention in the Inter-Bank Foreign Exchange Market by injecting 210 million dollars into the various segments of the market.

    The Director, Corporate Communications, CBN, Mr Isaac Okorafor, on Tuesday in Abuja, said the apex bank offered 100 million dollars as wholesale interventions and allocated 55 million dollars to Small and Medium Enterprises.

    Okorafor said another 55 million dollars was allocated to customers requiring foreign exchange for business and personal travels, tuition or medical fees, among others.

    The CBN spokesman said the bank was pleased with the performance of the naira because it had continued to enjoy stability against the dollar and other major currencies of the world in recent times.

    Read Also: Forex: CBN makes first intervention in 2019

    He reassured the public that the CBN would continue to intervene in the interbank foreign exchange market to ensure liquidity in the foreign exchange market and maintain stability.

    On the Bank’s restriction of access to foreign exchange for some 42 items, he said the policy would continue, particularly as it was greatly boosting local production of items on the list.

    He disclosed that the Economic Intelligence Unit of the CBN was working closely with relevant government agencies to checkmate any attempt to flout the policy.

    Meanwhile, the naira on Tuesday exchange for N358 to a dollar at the Bureau De Change segment of the market. (NAN)

  • EFCC moves for interim forfeiture of Bankers Warehouse’s $2.8m

    The Economic and Financial Crimes Commission (EFCC) has filed a motion at the Federal High Court in Enugu for the interim forfeiture of $2.8million seized last week .

    Acting Spokesperson of the commission, Mr Tony Orilade said the commission has  also filed  an affidavit of urgency for the matter to be heard on Dec. 27 by a vacation Judge  in Port Harcourt.

    The commission  on Thursday arrested two persons at Akanu Ibiam International Airport, carrying the money in two suitcases.

    The men were  Ighoh Augustine and Ezekwe Emmanuel.

    According to the EFCC, the suspects, who said they work for a company called Bankers Warehouse,   confessed during interrogation that they had been in the business of moving cash for “some notable banks” for over six years.

    “At the time of filing this report, the alleged owner of the money, the bank had not made any physical presence in any of the commission’s offices, including the Enugu office, to establish their claim.”

    Orilade further said that efforts were being made to secure warrant for the detention of the suspects pending when they would be charged to court.

    He explained that the warrant was consequent upon the refusal of the bank or any of the relatives to come for the release of the suspects.

    Bankers Warehouse in a statement at the weekend claimed ownership of the money and asked the EFCC to apologise and return the money.

    The company which said it is licensed by the Central Bank of Nigeria to carry out Cash/Asset movement and Currency Processing said the men arrested were not involved in any money laundering and were carrying out a legitimate movement of cash.

    Read also: Bankers Warehouse urges EFCC to release detained $2.8m cash, employees

    “We hereby state emphatically that the movement of this currency was a legitimate exercise, being carried out on behalf of a legitimate Financial Institution,” the company said..

    “We emphasise that our employees are in no way criminals, carrying out any act of illegality as the EFCC has tried to portray. The young men whose character and reputation have been deliberately soiled by the EFCC operatives were conducting their legitimate duties as requested by a bank customer of our company.

    “We request for the swift and immediate release of our employees and our customer’s currency, both detained without proper cause.

    “We also demand an immediate retraction by the EFCC and an apology issued to our company and our employees whose images have been maligned”.

    In another development, the Nigerian Navy has handed over four persons and a vessel allegedly involved in illegal oil bunkering to operatives of EFCC, Benin Zonal Office.

    The suspects, Promise Onate, Emonefe Stanley, Samson Obaje and Peresey Friday were onboard the vessel, MV Enterprise, when they were rounded up by men of the Nigerian Navy, NNS Delta on Dec. 4 at Nana Creek Escravos, Delta State.

    They were arrested on the suspicion that they were conveying Automotive Gas Oil, (AGO) without any valid approval.

    Captain Yilme, who represented the NNS Commander at the handing over in Warri, Delta State, said, “after forensic analysis of the product by officials of Department of Petroleum Resources (DPR), the result revealed that the product onboard were poorly refined AGO”.

    While receiving the suspects and the vessel, Richard Ogberagha, an EFCC operative, said the commission would carry out further investigation and ensure that those found culpable were brought to book.(NAN)

  • CBN okays Access, Diamond merger

    THE Central Bank of Nigeria (CBN) has given a “No Objection” nod to the merger plans of Access Bank Plc and Diamond Bank Plc, the boards of both banks said yesterday.

    The deal is expected to be completed in the first half of 2019. Transaction completion is subject to Access Bank and Diamond Bank obtaining shareholder and regulatory approvals (CBN, the Securities and Exchange Commission (SEC), the Federal High Court (FHC) and the National Pension Commission (PenCom).

    Following the signing of the Memorandum of Agreement and announcement of headline terms, which valued Diamond Bank at approximately N72.5 billion (about $200 million) and will see Diamond Bank shareholders receive N3.13 per share in cash and shares, Access Bank and Diamond Bank are announcing further details, including the rationale and benefits of the deal, the estimated cost synergies, the capital management plan and the timetable.

    The merger will form a leading Tier 1 Nigerian bank and the largest bank in Africa by number of customers, spanning three continents, 12 countries and 29 million clients.

    It will bring also together treasury, risk management and corporate banking expertise with strong retail and digital banking capabilities to create a financial institution operating across the full suite of products for all customer segments.

    The transaction will be concluded via Scheme of Merger following Access Bank and Diamond Bank Court Ordered Meetings billed for March 2019 to approve terms. Subject to shareholder approvals, final approvals by SEC, CBN and PenCom regulatory and FHC sanction are expected before the end of first half of next year.

    Cost of synergies conservatively estimated at N30 billion per annum, pre-tax, to be fully realised within three years post-completion.

    Further revenue and balance sheet synergies are to be evaluated by joint implementation committee.

    The pro-forma capital position of the merged bank will be in full compliance with regulatory requirements for significant financial institutions with an international banking presence.

    However, in order to meet international standards of best practice and ensure a robust capital buffer, both banks expect to achieve a post-completion Capital Adequacy Ratio (“CAR”) of 20 per cent at the bank level and 22 per cent at the group level.

    The key elements are – Diamond Bank to take further impairments in line with IFRS9, to be reflected in year end 2018 results.

    Access Bank has finalised terms and obtained regulatory approvals for a Tier II capital issuance, which will raise $250 million, available for drawdown in January 2019.

    Commenting on the proposed merger, Access Bank’s Chief Executive Officer (CEO) Herbert Wigwe said: “I am delighted to announce that we have received the necessary regulatory approvals to pursue a merger with Diamond Bank, one of Nigeria’s foremost digital and retail banks, subject to final regulatory and shareholder approvals.

    “The combination of our two businesses will create the largest retail bank in Africa by customer base and a very significant player in the Nigerian market.  This is a huge step towards the delivery of our goal to bring the power of banking to millions of people across Nigeria and an exciting transaction for Access Bank and Diamond Bank’s customers, staff and shareholders.

    “We have a clear plan to maintain our capital strength and are announcing today decisive steps by both banks to ensure their financial stability throughout the process.

    “The overall outcome will be a stable institution with an extremely strong capital adequacy ratio of more than 20 per cent following completion of the merger, which will be a leading competitor in all the markets in which it operates.”

    Diamond Bank’s CEO Uzoma Dozie said: “The merger is positive for all of Diamond Bank stakeholders, including customers, employees and shareholders. In particular, customers will benefit significantly through the unrivalled combination of the best of Diamond Bank’s retail and digital leadership with the size of Access Bank’s balance sheet, corporate names and geographical reach.

    “In reaching this decision, the shared passion for leveraging Nigeria’s youthful and entrepreneurial talent, and a commitment to better outcomes through financial inclusion have convinced us that this is the right combination.

  • Reduce high interest rate, CBN urged

    The Central Bank of Nigeria (CBN), has been asked to reduce interest rates to enable ship owners upgrade their facilities and compete with foreigners.

    In an interview with The Nation in Lagos, stakeholders urged the government to build a vibrant investment climate for the maritime sector.

    Former Chairman, House Commit-tee on Legislative Compliance, Mr. Moruf Akinderu-Fatai, said there should be policies to create linkages between the maritime industry and other sectors, such as banking and manufacturing.

    He suggested measures like dedicated institutional financing mechanism for the shipping and maritime sector, a comprehensive maritime regulatory policy, to clearly delineate the role and responsibilities of the government and private sector in the development of the maritime sector.

    The purchase of modern vessels, Akinderu-Fatai, a shipper,  said, would also provide jobs for millions of Nigerians and the restive youths across the country.

    He said there was need for a sustained partnership between the private and public sectors for effective funding.

    The country, acccording to him, has not enjoyed the commercial benefits of transporting large quantities of cargoes because local ship owners lack the necessary capital.

    He suggested that the Federal Government should integrate maritime education and training into the national university system so that Nigerians who are interested in seafarers’training can get the  education needed to promote the sector.

    While lamenting the lack of foreign exposure for better performance, he said many operators were bugged down with only practical experience, with little or no academic performance.

    “There is need for more government intervention aside from CVFF to actively encourage the banking sector to support local ship owners to acquire modern fleet, which can sail anywhere in the world,” he said.

    Also, the former President, Association of Nigerian Licensed Customs Agents (ANLCA), Prince Olayiwola Shittu, said 60 per cent of the inward and outward bound seaborne trade in the West and Central Africa sub-region passes through the nation’s waterways and called on the CBN Governor and the Minister of Transport, Mr Rotimi Amaechi, to assist in developing the maritime industry.

    He said the country needs to expand its merchant fleet based on the high volume of bulk liquid, gas and dry cargoes that pass through its waterways.

    “The fleet to carry the enormous quantity of cargo is estimated at 200 size tankers including combo general cargo vessels and liquefied natural gas vessels,” he said.

  • Cross River indigenes relish financial freedom

    Outside Calabar, the Cross River State capital, shaku shaku dance may not mean anything to market women and small business owners. But on Tuesday, November 6, 2018, Governor Ben Ayade’s enthralling shaku shaku dance steps at the inauguration of the first Cross River Micro- finance bank in the state capital, got some rusted waists cranking as market women shrugged off weariness to dig it out with His Excellency.

    Seeing their workaholic governor, who many indigenes of Cross River State have given various nicknames such as, “Salary Master”, in appreciation of his prompt payment of workers’ salaries; “Mr.Project”, in recognition of the industrialisation policy of his administration, and “Digital” in reference to his modernisation of governance, on the dance floor was the elixir that stirred the women into action. Obviously, nothing could be more stirring than the goodies the Micro- finance bank offers the women.

    It was, therefore, no surprise that “macro-votes and macro-victory for our digital governor” wafted from the crowd, giving the musical displays a blend of soul-stirring rendition of a pledge, chorus and music! Such was the dramatic setting at the inauguration ceremony.

    The facility with a N500 million start-up capital courtesy Governor Ayade, is the first ever state-owned Micro-finance bank in the state and the governor is optimistic that the bank will contribute immensely to the state’s economic growth.

    Paying glowing tribute to women, Governor Ayade urged them to take advantage of the services the bank offers to better their economic lot.

    Licenced by the Central Bank of Nigeria (CBN), the Cross River Micro-finance Bank will open offices in every local government in the state. For a state saturated with small-scale businesses whose operators are not equipped enough or qualified to access soft loans from traditional mainstream banks, Cross River, according to industry watchers, is on a sure footing for business growth with the establishment of the Micro-finance bank.

    According to the governor, at the heart of the establishment of the Micro-finance bank is the need for financial inclusion for all indigenes of Cross River State. The bank, he said, is a credible platform for small business owners to be financially stable and independent instead of depending on the government.

    “Our interest is to bring value to humanity, to make people feel the dignity of mankind…this bank is not intended to make money but targeted at helping women, the vulnerable and the physically-challenged; and to encourage them that there is always a banking sector that can provide for them,” he said.

    In order to cater for the economic and business interests of the category of Cross River State indigenes mentioned above, the Cross River Micro-finance Bank is structured to charge zero to five per cent interest on loans as the criteria for loans include ownership of a farm land, being a civil servant and ownership of a market stand.

    Going forward, the over 3,000 members of staff of the state-owned garment factory as well as members of staff of local government across the state are among the immediate beneficiaries of the financial freedom the Cross River Micro-Finance Bank offers as they have been requested to immediately open accounts in the bank to enjoy the benefits of loans.

    “For all young men, as we offer you appointments and create jobs for you in this administration, you will now put food on the table and with hands on the plough as the micro-finance bank will be available to give you loans for you to do that 30,000 hectares of cocoa, to give us over 60,000 hectares of rice farm that we are looking for, or organic bamboo plantation to feed our toothpick factory,” the governor said.

    Boki Local Government Area which lacks an institution or bank will be the first to get a branch of the Cross River Micro-finance Bank. The ground-breaking ceremony for the branch is slated for next month.

    “I promised Boki that I will bring an institution because the area is too big not to have an institution. I hereby implement the promise I made during my campaign,” the governor said, adding that, “it is now left for Boki sons and daughters through the Secretary to the State Government to choose a location where we can set up the micro-finance bank in Boki”.

    Some indigenes of the local government present at the inauguration ceremony could not hide their joy at the prospect of the area hosting a banking institution.

    One of them who identified herself as Catherine, a fashion shop owner, described Ayade as a promise keeper.

    Her words: “Our digital governor is a promise keeper. Here today, he has, again, demonstrated that and given Boki people yet another reason to queue behind him during the governorship election next year. For giving us a micro-finance bank, we will give him macro-votes!”

    Chairman, National Association of Micro-finance Banks in Nigeria, John Owan praised  Prof. Ayade for pioneering a state-owned micro-finance bank:

    “We are happy to have a new baby born into the industry as all micro-finance banks in Cross River State before now were privately-owned. Having seen the state-of-the-art facilities here, I have no doubt that those who patronise this bank will not regret doing so”, he said

    On his part, Cross River State Controller, Central Bank of Nigeria, Sampson Esua, pointed out that Ayade has made the job of CBN easy as the bank has several packages to offer those who patronise it.

     

    • Ita is Chief Press Secretary to Governor Ayade

  • Reduce high interest rate, CBN urged

    The Central Bank of Nigeria (CBN), has been asked to reduce interest rates to enable ship owners upgrade their facilities and compete with foreigners.

    In an interview with The Nation in Lagos, stakeholders urged the government to build a vibrant investment climate for the maritime sector.

    Former Chairman, House Commit-tee on Legislative Compliance, Mr. Moruf Akinderu-Fatai, said there should be policies to create linkages between the maritime industry and other sectors, such as banking and manufacturing.

    He suggested measures like dedicated institutional financing mechanism for the shipping and maritime sector, a comprehensive maritime regulatory policy, to clearly delineate the role and responsibilities of the government and private sector in the development of the maritime sector.

    The purchase of modern vessels, Akinderu-Fatai, a shipper,  said, would also provide jobs for millions of Nigerians and the restive youths across the country.

    He said there was need for a sustained partnership between the private and public sectors for effective funding.

    The country, acccording to him, has not enjoyed the commercial benefits of transporting large quantities of cargoes because local ship owners lack the necessary capital.

    He suggested that the Federal Government should integrate maritime education and training into the national university system so that Nigerians who are interested in seafarers’training can get the  education needed to promote the sector.

    While lamenting the lack of foreign exposure for better performance, he said many operators were bugged down with only practical experience, with little or no academic performance.

    “There is need for more government intervention aside from CVFF to actively encourage the banking sector to support local ship owners to acquire modern fleet, which can sail anywhere in the world,” he said.

    Also, the former President, Association of Nigerian Licensed Customs Agents (ANLCA), Prince Olayiwola Shittu, said 60 per cent of the inward and outward bound seaborne trade in the West and Central Africa sub-region passes through the nation’s waterways and called on the CBN Governor and the Minister of Transport, Mr Rotimi Amaechi, to assist in developing the maritime industry.

    He said the country needs to expand its merchant fleet based on the high volume of bulk liquid, gas and dry cargoes that pass through its waterways.

    “The fleet to carry the enormous quantity of cargo is estimated at 200 size tankers including combo general cargo vessels and liquefied natural gas vessels,” he said.

  • Electronic fraud in banking hits N6.1trn by 2021 – CBN

    Mr Sunday Salam-Alada, Director, Consumer Protection Department, Central Bank of Nigeria (CBN) has said electronic fraud losses in the banking system are projected to reach N6.1 trillion by 2021.

    Salam-Alada disclosed this at the ongoing workshop for Business Editors and Finance Correspondents, organised by Nigeria Deposit Insurance Corporation (NDIC) in Benin.

    According to him, the volume and value of e-transactions is projected to continue to increase nationally and globally.

    Salam-Alada, represented by Mr Ibrahim Hassan, Director, Research, Policy, International Relations Department (RPIRD) NDIC, said it was due to broader ecosystem scope, evolution of channels, adaptability to disruptive innovations and modes payment.

    He said other reasons included increased inclusion and evolving technologies.

    The director also said that the CBN, through its Consumer Protection Department (CPD), had resolved over 13,715 complaints.

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    Salam-Alada added that this resulted in the refund of about N72.2 billion to customers by the commercial banks based on 25,043 cases of fraud in 2017.

    He said the amount represented a 28 per cent increase if compared to 19,531 cases recorded in 2016.

    Salam-Alada said there was a 24 per cent reduction in actual fraud loss value in 2017 with N1.63 billion as against the to 2016 figures.

    According to him, the statistics provided by the CBN shows there is a significant increase in the year-on-year volume and value of transactions across all payment channels in Nigeria.

    Consequently, 1.4 billion transactions with a value of N97.4 trillion were processed in 2017 as against 869 million transactions with a value of N69.1 trillion recorded in 2016.

    He said the increase of 59.7 per cent and 40.9 per cent were recorded in the volume and value of transactions in 2017.

    The director hinted that the CBN would soon issue a framework on consumer protection.

    Salam-Alada said the CPD conducted a mapping exercise of financial literacy activities in the country.

    He added that it was one of the achievements of the department.

    He said the achievements also included the biannual consumer protection compliance exams and review of the guide to banks’ charges.