CBN orders banks to report B’Haram, Ansaru transactions

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Following the recent proscription of the violent Islamic sects, Boko Haram and Ansaru, by the Federal Government, the Central Bank of Nigeria has ordered banks to check the activities of the terrorist groups.

The central bank in a letter to all banks on Wednesday, directed them to check their database and report activities of the two sects to the regulator.

The letter read, “The Federal Government of Nigeria, in its effort to stem terrorism in the country, has proscribed the activities of Jamaatu Ahlis-Sunna Liddaawati Wal Jihad, otherwise known as Boko Haram, and Jama’atu Ansarul Muslimina Fi Biladis Sudan in any part of the country. Their activities are consequently declared as terrorist and illegal.

Electronic fund transactions to hit ₦2.48tn monthly

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The Nigerian Electronic Fund Transfer and Instant Payment transactions on the Nigeria Inter-Bank Settlement are likely to hit N2.48tn on a monthly basis. The projection is based on the revelation by the Central Bank of Nigeria that NEFT and NIP transactions, processed by the NIBSS, had reached N80bn daily, which will translate into about N2.48tn monthly. The Deputy Governor, Operations, CBN, Mr. Tunde Lemo, recently disclosed that the NEFT and NIP transactions were already in the range of N80bn daily.

Lemo explained that the NIP was recording over N20bn in daily transaction value, while NEFT was conducting about N60bn transactions daily. The NIP and NEFT are e-Payment channels used to make payments for huge transactions electronically. The NIBSS provides the infrastructure for automated processing, settlement of payments and fund transfer instructions between banks, discount houses and card companies in the country.