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CBN Decries Under-Funding, Inefficiency of Cash Handing Services

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The Central Bank of Nigeria (CBN) has berated some cash handling services companies for being underfunded, inefficient and uncoordinated in the provision of cash-in-transit and currency sorting services in Nigeria.
The apex bank and the Nigerian Police force also warned banks against the use of substandard armoured vehicles to carry money within the country.
Speaking at the launch of the Association of Cash Managers of Nigeria (ACMAN) in Lagos last week, Alhaji Mohammad Nda, director, Currency Operations Department of the CBN said, “It is regrettable to note that the cash-in-transit and currency sorting services in Nigeria are limited in scope and restricted to few cities in Nigeria, under funded, inefficient, unregulated and uncoordinated. The challenge is to how to harness the potentials of the companies, as well as admit new entrants into the sub-sector to provide cash handling support services to the CBN and deposit money banks.”
He disclosed that banks have been instructed to use standard armoured vehicle to move their money. “For currency distribution, the deployment of inappropriate bullion vehicles is prevalent. The importance of the deployment of the appropriate armoured vehicles for cash- in transit operations cannot be over-emphasized, especially in view of the increase in the rate of robbery attacks on specie currency movements and the sophistication of the criminals.”
Nda, noted that investment in cash handling services all over the world is capital intensive and urged the members of ACMAN to look at various sources of funding to be able to meet the minimum requirements of paid up capital for various operations of currency management systems.
Adebayo Adeoye, retired Deputy Inspector General (DIG) of Police encouraged banks to use sophisticated armoured vehicle that will help protect Nigerian citizens, and ward off armed robbers and would be rebels.
He advised banks not to use substandard armoured vehicle in carrying cash but to use sophisticated armoured vehicle that can stop AK 47, M-16 and even armoured piercing rounds at close range.
According to him, “Armoured vehicle is the main thing all over the world and Nigeria should embrace it. I am happy that the CBN has come out with the order asking banks to use armoured vehicles in carrying cash as it is the best international practice.”
In his speech at the occasion, Charles Nwodo Jnr. Group Managing Director/Chief Executive Officer, XL Management Services Group, encouraged ACMAN members to support the CBN’s policy to license and appropriately regulate the operations of Cash in Transit (CIT) and cash processing companies and outsourcing CBN’s distribution and processing of currency.
Tunde Dabiri and Chief (Mrs.) Henrietta Vannni, chairman and president of ACMAN stated that the cash industry was no longer on the defensive mind set that it was in before now, stressing the need to go on the offensive and recover lost grounds. “Nigeria is a economy cash driven. Members of ACMAN operate within the Nigerian cash supply chain, unfortunately, these are also trying times for the banks and each and every one of them must now go back to see how best to address the twin issues of costs and risks inherent in carrying out the business of banking, Dabiri said.”

 


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CBN Pulls Rate Cut Trigger, King Dollar Returns

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By Lukman Otunuga, Senior Research Analyst at FXTM,

In a move that caught investors off-guard this week, the Central Bank of Nigeria (CBN) slashed interest rates by 100 basis points bringing the MPR to 11.5%. Given how inflation has been above target since 2015, rates were expected to remain unchanged for the rest of 2020 and possibly early 2021.

 

The question on the mind of many is whether the rate cut will achieve the desired effect by stimulating consumption and economic growth? Ongoing border closures and disruptions created by COVID-19 have pushed inflation to levels not seen since March 2018 above 13.20% while a drop in the production and price of Oil continues to rub salt into the wound. While looser monetary policy could support growth, it may come at the cost of rising inflation and weaker Naira.

 

Over the past few months, central banks across the globe have deployed unprecedented measures to defend their respective economies against the coronavirus menace. However, fiscal policy has been identified as the sharper tool with governments across the world providing a critical lifeline to keep the wheels of their respective economies rolling.

 

Outside of Nigeria, King Dollar made a return by appreciating against every single G10 currency. In times of uncertainty, everyone wants a juicy piece of the world’s most liquid currency. As coronavirus cases rise in Europe and other parts of the world, the flight to safety is likely to boost appetite for the Dollar. This is bad news for many emerging markets currencies, especially those with high Dollar-denominated debt.

 

On the commodity side, Oil prices remain heavily influenced by demand-side factors and the state of the global economy. Prices are likely to remain stuck around the $40 regions in the near term, especially If another round of possible lockdowns hit Oil demand. Looking at the technicals, WTI Crude is under pressure on the daily charts. If prices are unable to break away from the sticky $40 regions, the next key point of interest remains around $38. A weekly close above $41.50 could pave a path towards $43.


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NCC Arrests Man for Hacking into DSTV System

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Nigeria Copyright Commission (NCC), has arrested one Mr Aliu Olalekan, for allegedly hacking into DSTV system and watching the channels free without subscription.

NCC Arrests Man for Hacking into DSTV System

Mr Matthew Ojo, NCC Director in the Lagos Directorate Office said this while speaking with newsmen in Lagos, on Tuesday.

He said that the suspect used to watch DSTV channels free without subscription on his Android phone via an app which he downloaded on google play store.

“This suspect distributed the know-how to his telegram followers and on his blog with the aim of gaining more followers and viewership on his blog and makes more money through google ad-sense.

“The operation was based on surveillance which had earlier been carried out by the Multi-choice team and verified by a copyright inspector, ” he said.

He added that the arrest was made in collaboration with a team of copyright inspectors led by the Head of Enforcement Department, Mr Charles Amudipe.

Others included; a team from Multichoice Nigeria led by Mr Umar Ibrahim and policemen from Lagos Command Headquarters, Ikeja.

Ojo said that the joint team conducted an anti-piracy operation at the premises of the culprit in Amukoko, Lagos.

According to him, the suspect was contacted on phone by a member of the operation team on the disguise of patronising him. “The suspect came out to meet the caller and in the process of discussion, he was apprehended.

“The suspect took the team to his resident. The squad paraded his one-room apartment and recovered his laptop and phones used in perpetrating the ungodly act. “He was arrested and brought to the copyright commission office for further investigation, ” he said.

Ojo said that, on getting to the commission’s office, the statement of the suspect was taken and the inventory of items seized from him taken. He said that investigation on the matter was still ongoing and if found guilty the suspect will be charged to court.

 


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NCC, Digital Encode Support NITRA Innovative Tech Forum On Post-COVID-19 Strategies

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The Nigerian Communications Commission (NCC), Nigeria’s telecommunications regulator and Digital Encode, Cybersecurity and Compliance advisory company, have indicated interest to partner with the Nigeria Information Technology Reporters Association (NITRA), the national umbrella body of ICT reporters, as it organizes a forum that will x-ray the industry’s future plans for ICT growth post pandemic era.

 

The event, slated to hold on October 15, 2020, will seek to discuss the needs for a fortified ICT sector after the COVID-19 era, and the level of preparedness of ICT stakeholders to embrace the challenge of being pivotal to the stability and growth of all other sectors.

 

A statement from NITRA National Secretariat in Lagos indicates that due to the pandemic and need to observe the COVID-19 protocol on social distancing, the event will be held via a Webinar.

 

This year’s theme, “Multi-stakeholder Approach To National Recovery Post-Pandemic”, is in line with the annual event’s generic theme, ‘NITRA Innovative Tech Forum’, a contribution by NITRA to the development of Information and Communication Technologies (ICTs) innovations and policies in Nigeria.

 

Prof. Umar Danbatta, executive vice chairman, NCC is expected to deliver the keynote speech at the event and will throw more light on Federal Government’s plans, programmes and policies on post-pandemic strategies using ICT.

 

Dr. Adewale Obadare and Dr. Seyi Akindeinde, founders of Digital Encode, while accepting to support the event expressed their readiness to offer their expertise in Cybersecurity for organisations to prepare against cyber- attacks with the new normal.

 

They will also highlight areas that are high risks that need fortification in terms of cybersecurity.

 

Speaking on the event, Mr. Chike Onwuegbuchi, national chairman, NITRA, noted that as the COVID-19 pandemic continues to leave its negative trails across the globe, economic reboot for countries will not only depend on how well they readapt to the new normal, but also more on their recovery plans.

 

According to him: “While the federal government has consistently expressed its willingness to set all policies in place to engender growth, and accelerated implementation of these policies, private sector firms have also shown great hunger for the task ahead in post-COVID-19 era.

 

However, the question that needs to be answered is whether all stakeholders are ready for the required task ahead.”

 

The event will also offer participating companies opportunities to publicize some of their individual efforts at contributing to reacting a soft landing or lifeline for SMEs and other ancillary companies as the pandemic threatens their survival.

 

Digital Encode is a multi-award winning and leading consulting and integration firm that specializes in the design, management, and security of business-critical networks, telecommunications environments and other Information Technology (IT) infrastructures.

 


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