Business
House of reps ask CBN to impose ‘stringent regulation’ on POS operators
The house of representatives has asked the Central Bank of Nigeria (CBN) to introduce “stringent regulations” on the operators of point of sale (POS) business in the country.
The legislators passed the resolution during a plenary session yesterday following the adoption of a motion sponsored by Jimoh Olajide, a lawmaker from Lagos state.
Speaking on the motion, Olajide said POS businesses are now used to perpetrate fraud.
“The point of sale system is where customers make payments for products or services rendered but due to many factors, the point of sale (POS) has been turned into a lucrative business in Nigeria and has provided jobs for millions of unemployed Nigerians that see it as a good alternative to white-collar jobs in the country,” he said.
“While many Nigerians are making legal money from this lucrative business, some are using it for fraudulent acts to create fake credit alerts to defraud innocent customers hence the need for government intervention to rescue the rising business sector in the country.
“The point of sale (POS) merchants in Nigeria are not only licensed by commercial banks, others, private companies are currently in the business of giving out point of sale (POS) for business purposes thus making the business to be more porous and ambiguous.
“Presently, no financial regulatory bodies in Nigeria can precisely ascertain the total number of point of sale (POS) machines and their operators in the country.
“Some of the POS operators fraudulently charge exorbitant amounts of money from their customers’ bank accounts, while some retain vital information from customer’s ATM cards in the course of making the financial transactions.”
Business
Naira depreciates to N1,700/$ at parallel market — lowest in seven months
The naira depreciated to N1,700 per dollar at the parallel section of the foreign exchange (FX) market on Friday.
At the end of trading hours, the naira depreciated by 1.49 percent compared to the N1,675/$ traded on Thursday.
The N1,700 per dollar is the lowest the naira has depreciated since February 19, when the naira recorded a low of N1,730/$.
Currency traders, also known as street traders, in Lagos, quoted the buying rate of the local currency at N1,680/$ and the selling rate at N1,700/$ — leaving a profit margin of N20.
Currency traders, also known as street traders, in Lagos, quoted the buying rate of the local currency at N1,680/$ and the selling rate at N1,700/$ — leaving a profit margin of N20.
WEEK-LONG FLUCTUATIONS
At the parallel market on Monday, the naira depreciated to N1,665/$ from N1,663 on September 20.
Maintaining the depreciation streak, the local currency fell further to N1,670 and N1,680 on Tuesday and Wednesday, respectively.
However, the naira rebounded to N1,675 on Thursday.
At the official FX market, the local currency depreciated to N1,562.66 on Monday — from N1,541.52 on September 20.
Subsequently, the naira further depreciated to N1,658.48 on Tuesday and N1,667.72 on Wednesday, before appreciating to N1,576.1 on Thursday.
On January 29, the Central Bank of Nigeria (CBN) said it had begun implementing a comprehensive plan to improve liquidity in the Nigerian FX markets in the short, medium, and long term.
The apex bank said the FX reforms were designed to streamline and harmonise multiple exchange rates, promote transparency, and lessen the likelihood of arbitrage opportunities.
On September 25, Olayemi Cardoso, governor of CBN, said the multiple interest rate hikes have restored confidence in the naira.
Business
CBN extends suspension of processing fees on deposits to March 2025
The Central Bank of Nigeria (CBN) has extended the suspension of processing fees on cash deposits for six months.
The development comes six days before the suspension date initially fixed, expires.
On May 1, banks resumed the collection of processing fees on cash deposits.
Six days later, CBN suspended charges on the deposits until September 30.
However, in a circular directed to all banks, other financial institutions and non-financial institutions, dated September 24, 2024, and signed by Adetona Adedeji, CBN’s director of banking supervision, the apex bank extended the date to March 31, 2025.
“Further to our letter dated May 6, 2024, referenced BSD/DIR/PUB/LAB/016/023, the Central Bank of Nigeria (CBN) hereby extends the suspension of processing charges on cash deposits above N500,000 for individuals and N3,000,000 for corporates,” the apex bank said.
“The previous suspension, set to expire on September 30, 2024, has now been extended until March 31, 2025.
“This suspension pertains to the 2% and 3% fees outlined in the ‘Guide to Charges by Banks, Other Financial Institutions and Non-Bank Financial Institutions, issued on December 20, 2019.”
CBN asked all financial institutions to continue accepting cash deposits from the public without any charges during the period.
Business
Meta unveils John Cena, others as new AI voice clones
Meta, the giant tech company, announced on Wednesday the integration of celebrity voices into its artificial intelligence chatbot, Meta AI, in an effort to compete with products like ChatGPT.
At the Meta Connect 2024 developer conference in Menlo Park, founder Mark Zuckerberg revealed that users of Instagram, Messenger, WhatsApp, and Facebook can now engage in real-time conversations using a variety of voices, including those of celebrities like Awkwafina, Dame Judi Dench, John Cena, Keegan-Michael Key, and Kristen Bell.
While this new voice feature aims to enhance user interaction, it differs from OpenAI’s Advanced Voice Mode for ChatGPT, which is celebrated for its expressive and emotive tones. In contrast, Meta’s offering resembles Google’s Gemini Live, which transcribes speech and reads responses aloud with synthetic voices.
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