The Nigerian naira on showed resilience against the US Dollar, experiencing a positive shift despite the country’s escalating inflation rate.

News ToGo reports that data from FMDQ revealed that the naira strengthened against the Dollar, reaching N818/$1 on Wednesday compared to the previous day’s exchange rate of N850.22/$1. This marked a notable improvement, with a gain of N31.23 in comparison to the exchange rate recorded on Tuesday.

In the parallel market, the Nigerian currency demonstrated relative stability, maintaining a trading rate of N1120 against the Dollar on Wednesday, consistent with the previous day’s rate. However, there are reports indicating a slight uptick to N1140 against the US Dollar in the parallel market.

This development occurs against the backdrop of the National Bureau of Statistics’ latest Consumer Price Index data, which revealed a surge in the inflation rate.

The October inflation rate in Nigeria reached 27.33 per cent, up from 26.72 per cent in September. This figure represents the highest inflation rate recorded in the country in the last two decades. The naira’s resilience amid these economic challenges showcases the complexities of Nigeria’s financial landscape.

The Central Bank of Nigeria (CBN) has spoken on reports that it plans to redenominate Naira.

News ToGo reports that the CBN refuted claims suggesting that it intends to redenominate the country’s currency, the Naira, effective from January 2023. Isa AbdulMumin, the Director of Corporate Communications at CBN, clarified the bank’s position in a statement released on Tuesday.

The CBN’s response comes in reaction to a circulating claim indicating its plans to redenominate the nation’s legal tender. The bank dismissed this notion, emphasizing that it has no intentions to restructure or redenominate the Naira.

In the statement, AbdulMumin stated, “We wish to reiterate that the contents of the message are misleading. The authors of the message, in their mischief, modified text taken from an old policy move by a previous CBN Governor in 2007 to make it appear recent.”

He further clarified that while the bank might be considering reforms, any such initiatives would follow established procedures outlined in the CBN Act, 2007. The public was advised to disregard the speculative news report, which was deemed calculated to cause unnecessary panic.

CBN has given new order to banks on the things to collect from customers.

News ToGo learned that the new CBN regulations mandate financial institutions to collect additional customer information including social media handles, email addresses, telephone numbers, and residential addresses.

This move aims to strengthen the identification process within the banking system. The apex bank outlined these requirements in its recently released document titled ‘Central Bank of Nigeria (Customer Due Diligence) Regulations, 2023.’ It stated that these regulations were established to enhance customer due diligence measures for financial institutions under its regulatory oversight.

The goal is to ensure compliance with the provisions of the Money Laundering (Prevention and Prohibition) Act (MLPPA), 2022, Terrorism (Prevention and Prohibition) Act (TPPA), 2022, Central Bank of Nigeria (Anti-Money Laundering, Combating the Financing of Terrorism and Countering Proliferation Financing of Weapons of Mass Destruction in Financial Institutions) Regulations, 2022 (CBN AML, CFT, and CPF Regulations), and international best practices.

Under the customer identification section, the CBN specified that financial institutions must identify their customers, whether they are permanent or occasional, natural persons or legal entities, or legal arrangements. The required information for individuals includes legal name and any other names used, permanent address, residential address, telephone number, email address, social media handle, date and place of birth, Bank Verification Number, Tax Identification Number, nationality, occupation, public position held, and name of employer.

The CBN also stated that individuals must provide an unexpired passport, national identification card, residence permit, social security records, or driver’s license as proof of identification. Additionally, financial institutions are required to gather details regarding the type of account, nature of the banking relationship, signature, and politically exposed person status. The document also outlines separate requirements for legal entities and legal arrangements. The CBN emphasized that these regulations apply to all financial institutions under its supervision.