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CBN directs banks to demand indemnity for online transfers above N1m

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2 years ago

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The Central Bank of Nigeria (CBN) has instructed banks and payment service providers (PSPs) to accept indemnity from customers for highly secured online funds transfer.

The bank gave the directive in a circular posted on its website on Thursday and signed by Musa Jimoh, director, payments system management department.

According to the apex bank, the directive is applicable on transfers amounting to N1 million for individual customers and N10 million for corporate customers.

The CBN, however, set a maximum limit on the transferable amount at N25 million for individual customers, and N250 million for corporate customers.

Indemnity means security or protection against financial liability. It is a contract that holds a business or company harmless for any burden, loss, or damage.

In this case, the indemnity implies that the bank is not to be held responsible for any liability that may arise from online funds transfer.

In the document titled, ‘Circular on the Review of Operations of the NIBSS Instant Payments System and other Electronic Payment Options with Similar Features’, the apex bank said the indemnity can be paper or electronic depending on the customer’s choice.

“Banks are hereby required to comply with the following: “Accept indemnity from customers for highly secured online funds transfer above N1 million for individual and N10 million for corporate, subject to a maximum of N25 million (individual) and N250 million (corporate),” the circular reads.

“Provide customers with the option of electronic or paper indemnity based on the customer’s preference.

“Implement electronic indemnity with stricter controls requiring biometric verification of identity.

“Adhere to multiple-factor authentication for highly secured online funds transfer.

“Inform and educate customers on the use of indemnity to increase transaction limits where possible.”

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Naira depreciates to N1,770/$ in parallel market

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14 hours ago

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November 26, 2024 1:04 pm

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The Naira yesterday depreciated to N1,770 per dollar in the parallel market from N1,750 per dollar last weekend.

Similarly, the Naira depreciated to N1,675.62 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,675.62 per dollar from N1,652.62 per dollar last weekend, indicating N23 depreciation for the naira.

The volume of dollars traded (turnover) fell by 55.2 percent to $108.79 million from $243.05 million traded last week Friday.

Consequently, the margin between the parallel market and NAFEM rate widened to N117.38 per dollar from N97.38 per dollar last weekend.

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Port Harcourt Refinery begins crude oil processing

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15 hours ago

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November 26, 2024 12:52 pm

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The Nigeria National Petroleum Company Limited (NNPCL) has confirmed that the Port Harcourt Refinery in Rivers State has commenced crude oil processing.

The Chief Corporate Communications Officer of the compaanyy, Femi Soneye, broke the news on Tuesday.

Soneye revealed that the refinery will operate at 60 percent capacity and process 60,000bpd.

https://twitter.com/FM_Soneye/status/1861330633831620917?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1861330633831620917%7Ctwgr%5E776845f88f6fa6dd3c70082f4da1ee2632656999%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fwww.vanguardngr.com%2F2024%2F11%2Fbreaking-port-harcourt-refinery-begins-crude-oil-processing%2F

“Today marks a monumental achievement for Nigeria as the Port Harcourt Refinery officially commences crude oil processing. This groundbreaking milestone signifies a new era of energy independence and economic growth for our nation,” Soneye said on Tuesday.

“Hearty congratulations to President Bola Ahmed Tinubu, the NNPC Board, and the exceptional leadership of GCEO Mele Kyari for their unwavering commitment to this transformative project. Together, we are reshaping Nigeria’s energy future!”

Soneye added that truck loading will commence on Tuesday (today), adding that the NNPCL is also “working tirelessly to bring the Warri Refinery back online soon”.

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Nigeria’s GDP rate grew by 3.46% in Q3 2024, says NBS

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2 days ago

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November 25, 2024 1:29 pm

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The National Bureau of Statistics (NBS) says Nigeria’s annual gross domestic product (GDP) grew by 3.46 percent in the third quarter (Q3) of 2024.

The NBS, in its GDP report published on Monday, said the growth rate is higher than the 3.19 percent recorded in Q2 2024.

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