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Naira May Hit N200 to $1 By 1Q14-Analysts

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Nigerians are sharing bitter experiences over the slipping trend of the naira.  Newspapers had reported that the Naira weakened to N171 to the United States dollar at the BDCs by the close of activities Thursday.

In a short survey conducted by the Nigeria CommunicationsWeek, respondents waxed worriedly at the trend warning that the Naira may continue its downward movement.

According to reports during the week banks have not been selling forex exchange to the public, thus forcing customers to rely on the BDC and the parallel market for their supplies.

Sharing his regrets over the trend, Mr. Peter Asolo, said: “I bought dollar for 172.7 Thursday for the first time in my life”.

Analysts heap the blames on the door-steps of the CBN, lamenting that the apex bank has been causing unnecessary panic in the industry by removing management and ownership of banks.

Commenting on this, Asolo said: “CBN brought appointed people, some of whom also reigned in those banks with impunity; displayed over 10000 people from their jobs. At the end of the day were those banks better than they were before take over? There is no single viable window for lending to small business which forms over 80% of the economic activities. Everything we are hearing is nothing but hype.

“Those who are lending are collecting about 28% interest rate the highest anywhere in the world. What a pity. Even in a state of war Nigeria naira should not suffer this great fall. As at last year December it was 149 to a dollar less than one year we are talking of about 22 naira depreciation. Madam Ngozi, the supervisor will come to tell us “there is no inflation” and every purchasing power in the country has decreased”.

“Olutayo Ogunyemi, a public analyst lending his voice to the cause said:  “We import virtually everything to Nigeria which requires high demand for major currencies such as $. We need to go back to the basic and put every infrastructure in place (power, road, etc) and diversify the economy from being crude oil dependent to agric, solid minerals, etc. All these require visionary leaders and not POLlTICAL DEALERS to achieve them. A Dollar exchanged for Naira at the rate of #116 in 2008, and now #172!”

However, Asolo added that, “The prices of goods have gone up by as much as 150% including food stuff. I wonder what economic indices they use to deceive the innocent I see a situation the naira will hit 200 naira to a dollar before the end of first quarter of 2014. If anybody will be honest, that is the actual beginning of the end for the country’s economy. Need I say that this economy is import dependent? The only thing manufactured in Nigeria is sachet water even at that it’s only the water we source locally.

“Government has decided to ban everything knowing that we do not have the productive capacity and we cannot, even if we have stable electricity in the next 5 years. Least I forget to add the fact that no Industry in Nigeria has the capacity to produce the daily consumption of up to 5% of its product for the country’s population which should now stand at about 220million people, if the previous figure of 160million is true. I am just sitting here asking one question when smart and intelligent people will start to manage our institutions.

“The sad part is that most Nigerians are suffering from ignorance and they have all turned to religion for help. The big question is how do we salvage the Naira? Let us forget about politics and parties for once, this is our common language. How do we save the soul of the economy?

Also, they believe that another silent time bomb in population explosion as the mortality rate world over is reducing due to technology advancement. Now people are now giving birth to kids at earlier age than before. Things are happening faster than we can imagine, which the analysts think Nigeria either does something fast to save the naira or we face the music.


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Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

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CIBN Recertifies NDIC Academy as Bankers Training Provider

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Council of the Chartered Institute of Bankers of Nigeria (CIBN) has recertified the Nigeria Deposit Insurance Corporation (NDIC) Academy as a training service provider for various professionals in the banking industry.

CIBN Recertifies NDIC Academy as Bankers Training Provider

The council also renewed the academy’s accreditation for the next three years, effective from June 2020.

Mr. Saubana Ogunpola, head of the five-man CIBN Accreditation Team, said the recertification followed the exemplary performance of the NDIC Academy since it initial accreditation in 2016 and the satisfaction of the stringent conditions for the recertification.

The recertification, according to Mr. Saubana Ogunpola, Head of the five-man CIBN Accreditation Team, followed the exemplary performance of the NDIC Academy since its initial accreditation in 2016 and the satisfaction of the stringent conditions for the recertification.

He noted that there would be periodic monitoring to ensure that quality standards are being adhered to.

Mr Ogunpola commended the NDIC for its consistent efforts toward meeting the high standards for the benefit of the banking industry and the larger economy.

He described the NDIC’s readiness to subject itself to the rigors of the Institute’s accreditation process as a testimony of its Management’s commitment to capacity development for all stakeholders.

In his reaction, Mr. Umaru Ibrahim, managing director/chief executive, NDIC, described the recertification as another milestone in the NDIC efforts to consolidate the position of the Academy as a center of academic excellence in the nation’s banking industry and on deposit insurance in Africa.

Mr Ibrahim disclosed that the Academy had so far trained a total of 13,368 participants cutting across the NDIC’s workforce.

“It had also trained 135 participants from relevant stakeholders, including the EFCC, Security and Exchange Commission (SEC), Assets Management Company of Nigeria (AMCON), National Pension Commission (PENCOM) and the Nigeria Financial Intelligence Unit (NFIU).

“On the international front, 19 employees from sister deposit insurance agencies in other African countries had benefitted from the expertise of the Academy,” the managing director noted.

He stated that the NDIC Academy has been designated to host the African Centre for Studies on Deposit Insurance System (ACSDIS) recently established by the Africa Regional Committee (ARC) of the International Association of Deposit Insurance (IADI).

Mr. Ibrahim reiterated that with the recertification, the NDIC Academy is positioned to fulfill the NDIC’s goal of serving as a center of excellence for capacity building on Deposit Insurance Scheme (DIS) for countries in Sub-Saharan Africa.

He added that the NDIC prides itself on establishing the highest standards of professionalism and competency among its staff through the NDIC Academy and other human capital development initiatives, including the Chartered Banker/MBA program at Bangor University, Wales in partnership with the CIBN.

The NDIC boss emphasized that the Corporation places high premium on capacity building and continuous high level training of its staff to achieve the NDIC mandate of deposit guarantee, bank supervision, bank distress resolution and liquidation.

“The ultimate goal would be to enhance depositor protection and public confidence in the nation’s banking system,” he said.


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Deloitte, Heritage Bank, PWC Urge Internal Auditors to Embrace IT to Tackle Fraud

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Deloite, Heritage Bank Plc and PricewaterhouseCoopers’ (PWC’s) have urged internal auditors of banks to adopt the various digital technologies to prevent fraud and annul the adverse impact of Covid-19 on the financial ecosystem.

Speaking at the just concluded 47th Quarterly Meeting of the Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN), Ifie Sekibo, the MD/CEO of Heritage Bank, disclosed that for improved banking operations and safer financial system for stakeholders, internal auditors must be dynamic and quick to adopt various digital measures.

Raising the alarming impact of fraudulent activities in the banking sector, Sekibo quoted PricewaterhouseCoopers’ (PWC’s) Global Economic Crime and Fraud Survey 2020, revealing that that the total cost of cybercrimes is worth an eye-watering $42 billion, which was cash taken straight off companies’ bottom line, whilst 13% of those who had experienced  fraud said they had lost $50 million-plus.

Sekibo, who spoke on the theme, “Elevating Internal Audit’s Role in the Face of Emerging Risks and Opportunities” organised virtually and hosted by the Heritage Bank, urged, “While it was sufficient for yesterday’s auditor to understand regular and routine banking practices such as credit, treasury, etc in his traditional assurance role, for him to be relevant in harnessing the opportunities in today’s business world, he must become versed in cybersecurity, artificial intelligence, data analytics, fraud management, regulatory pronouncements, forensics etc and having equipped himself, present balanced, objective audit reports to Executive Management while striking the right balance between the assurance and consulting responsibilities.”

In her keynote address, titled, “Elevating Internal Audit Role In The Face Of Emerging Risks and Opportunities,” Ibukun Beecroft, Partner Risk Advisory at Deloitte, noted that the banking industry in Nigeria today has adopted various digital measures to keep the business running and delivering services to the customers but there was need for Internal Audit (IA) positioned to provide the required assurance and consulting services in the face of the changes and attendant risk, particularly increased cyber-risks.

Quoting 2018 Financial Stability Report by the Central Bank of Nigeria, she stated that Banks recorded 25,029 confirmed cases of fraud and this resulted in a loss of N2.21 billion. More than 90% of fraud cases in 2018 were perpetrated via technologically driven channels.

“As Internal Auditors, the knowledge of technology would enable us identify gaps in our core banking applications and other applications and provide relevant recommendations to eliminating loopholes that may serve as an avenue for potential fraud.

She, however, advised auditors on the need to focus on advanced technologies and risk management operations as reflected around the Three Lines of Defense (3LOD) churned out by the Institute of Internal Auditors, which create opportunities for IA and its future role.

Beecroft warned that the ever-changing landscape and evolving risks in the banking industry could render the current internal audit plan obsolete.

According to her, internal auditors should reprioritise the audit plan as soon as possible to provide assurance over the most consequential risks while being cognisant of the impact on operations.

“To take advantage of these changes and disruptions, auditors need to rethink their role by adapting to and embracing change, enabling the IA function to become more agile, nimble, and forward-looking, thus driving change through the 3LOD,” Beecroft stated.

Yetunde Oladeji, Director Internal Audit Services at PricewaterhouseCoopers Limited (PWC), who spoke on the theme, “Elevating IA’s role to meet today’s emerging risks,” advised that the banking sector should be dynamic, prioritse digitization and flexibible workforce strategies as these would determine its ability to adapt to rapidly changing circumstances to survive and thrive.


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ALAT By Wema Bank Upgrades Mobile Banking App

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ALAT by Wema Bank, as an innovative financial institution,  has introduced its upgraded mobile app – ALAT 4.0- to enable customers to remain connected to do much more. A unique app that provides seamless access to an array of exciting features serves as a platform where customers can personalise offerings to meet their frequent financial and lifestyle needs.

ALAT By Wema Bank Upgrades Mobile Banking App

Being a customer-centric financial institution, the upgraded app serves as a one-stop platform that gives customers the option to create unique experiences for themselves; this includes dashboard personalization where customers can decide to hide and unhide their account balance as well as to display the most frequently used feature on their dashboard.

Mr Moruf Oseni, deputy managing director, speaking on the new upgrade expressed his delight, he said “we made a promise earlier this year to improve customer experience by introducing improved unique features to the app. Based on feedback from customers, a lot of effort was put together to ensure we deliver on our promise to ensure this upgrade affords customers a delightful and memorable service experience”.

As part of the new features is the card control option which enables customers to put a limit on their spending habit and the reintroduction of the virtual dollar card which gives customers the ability to make international payments irrespective of the currency.

ALAT has also expanded loan offerings to goal based loans, salary-based lending and device loan. Customers can also top up existing loan amounts, make part payment during the loan cycle at any time and liquidate the loan before the end of the loan cycle at any given time.

Oseni further added, “For us, it is imperative that customers have access to a flexible and seamless user experience on our platform. In introducing exciting features to the app, we ensured that major lifestyle and financial needs can be met through ALAT 4.0. As a bank, we will continue to create innovative solutions for our customers and solidify our lead in digital banking”


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