CBN OKAYS CHEQUES FOR SAVING ACCOUNTS, WARNS AGAINST ILLEGAL MONEY TRANSFERS

In the circular, the bank said customers with savings account linked to their BVN can deposit a maximum of N2 million cheque pewr day.

It added that that bank customers can now open a new account with another bank without the bank asking for their address since their addresses are in their BVN details.

The bank also removed fixed interest rate on credit cards and discontinued actual address verification in account opening for customers with the BVN.

“Banks should begin to embed BVN biometric data in payment cards issued henceforth, to facilitate offline BVN verification and biometric based customer authentication on such payment devices as Automated Teller Machines, ATMs, Point of Sales Terminals, POS, Kiosks, etc, Approval of BVN Watch-listing modalities and release by CBN of necessary Credit Risk Management System (CRMS) data, to facilitate its use for enriching the BVN watch-list; savings account customers with BVN should be allowed to deposit cheques worth not more than N2,000,000.00 (Two million naira) into their accounts, per customer, per day”, the CBN said.

The bank in another circular signed by Mr. Isaac Okorafor Ag. Director, Corporate Communications warned Nigerians to beware of unregistered money transfer operators.

“The Central Bank of Nigeria (CBN) wishes to advise Nigerians at home and in the Diaspora to beware of the unwholesome activities of some unlicensed International Money Transfer Operators (IMTOs) in Nigeria’’, the bank said.

CBN said the warning has become necessary because of activities of some unregistered IMTOs, whose modes of operation are detrimental to the Nigerian economy.

“ All financial service providers in Nigeria, just as in other jurisdictions, are required to be duly licensed in order to protect both customers and the financial system as well as to ensure the credibility of financial transactions.

“For the avoidance of doubt, all licensed International Money Transfer Operators, in line with the CBN Circular on the sale of foreign currency proceeds of July 22, 2016, are required to remit foreign currency to their respective agent banks in Nigeria for disbursement in Naira to the beneficiaries while the foreign currency proceeds are to be sold to Bureaux De Change operators, for onward retail to end users’’, the bank said.

It said it will therefore not condone any attempt aimed at undermining the country’s foreign exchange regime.

“Accordingly, members of the public are advised to beware of the activities of such unregistered IMTOs for the greater economic good of Nigeria’’, Mr. Isaac Okorafor Ag. Director, Corporate Communications said in a statement.