The Central Bank of Nigeria (CBN) has implemented new regulations for customer due diligence measures in an effort to combat money laundering and terrorism financing. The CBN stated that its new regulation was created to provide additional customer due diligence measures for financial institutions under its supervision. The initiative includes the collection and verification of customers' digital IDs and social media handles.
Former Deputy Governor of the CBN, Kingsley Moghalu, blamed the country's inflation on the apex bank's policies. He said that the CBN's policies were not effective in controlling inflation because the bank focused too much on defending the exchange rate rather than controlling money supply.
The CBN and the Bill and Melinda Gates Foundation (BMGF) have finalized arrangements for collaboration on the implementation of the National Financial Inclusion Strategy. The collaboration will focus on increasing access to financial services for the unbanked and underserved populations in Nigeria.
The CBN has also issued guidelines requiring banks to collect and verify the social media handles of customers as part of its new customer due diligence measures. The initiative is aimed at improving the transparency and accountability of financial transactions and deterring fraudulent activities.
The Socio-Economic Rights and Accountability Project (SERAP) has urged Mr Folashodun Shonubi, Acting Governor of the CBN, to disclose the amount of money that has been recovered from looters of public funds and deposited with the bank. SERAP also called on the CBN to explain the steps it is taking to ensure that the recovered funds are not re-looted.
President Bola Tinubu has finally spoken about the suspension and subsequent arrest of the former governor of the CBN, Godwin Emefiele. Tinubu stated that he supports the CBN's decision and commended the bank for its efforts to maintain the stability of the country's financial system.
In another development, the CBN has made the digital ID and social media handles of bank customers a mandatory requirement for account opening and transactions. The initiative is aimed at improving the accuracy and completeness of customer records and reducing the risk of fraudulent activities.
The CBN has admonished students and management of tertiary institutions in the country to adopt the e-Naira for transactions. The bank stated that the e-Naira would provide a more convenient and secure means of payment for students and other stakeholders in the education sector.
In conclusion, the CBN's new regulations for customer due diligence measures are a step in the right direction towards combating money laundering and terrorism financing. The initiative will improve the transparency and accountability of financial transactions and reduce the risk of fraudulent activities. However, the CBN should also focus on implementing policies that effective control inflation and promote financial inclusion for the unbanked and underserved populations in Nigeria.
