Tag: CBN

The Nigerian Communications Commission and the Central Bank of Nigeria have jointly launched a new portal designed to track fraudulent and suspicious phone lines, in a move aimed at strengthening consumer protection and curbing electronic fraud. The initiative, unveiled alongside the signing of a Memorandum of Understanding between both regulators, is expected to improve transparency and deepen collaboration between the telecommunications and financial sectors. Speaking at the signing ceremony, the Executive Vice Chairman of NCC, Aminu Maida, described the agreement as a critical step toward enhancing regulatory coordination in Nigeria’s digital ecosystem. He noted that the increasing reliance on mobile numbers for identity verification and financial transactions makes closer cooperation between regulators essential. According to Maida, the Telecoms Identity Risk Management System portal will provide financial institutions with real-time access to the status of phone numbers used in transactions. “The platform aggregates data on recycled or churned lines and flags numbers linked to suspicious activities. This enables banks to verify whether a line is active, swapped, disconnected, or reassigned,” he said. He added that the system would significantly strengthen efforts to combat fraud, particularly those executed through mobile channels. Beyond fraud detection, Maida highlighted the portal’s role in improving consumer protection, noting that issues such as failed airtime recharges and transaction disputes would now be resolved faster through coordinated regulatory actions. On his part, the Governor of the Central Bank, Olayemi Cardoso, said the partnership would enhance cooperation in areas such as regulatory approvals, technical standards, and financial innovation. He explained that the agreement aligns with the bank’s broader objective of building a secure, inclusive, and resilient financial system. Cardoso also announced the establishment of joint committees focused on payment systems, consumer protection, and the operation of the new portal, to ensure continuous engagement and proactive responses to emerging risks. The collaboration, according to both agencies, places consumer safety at the forefront while supporting innovation and boosting confidence in Nigeria’s digital financial services space.
Housing

NCC, CBN Launch Portal to Track Fraudulent Phone Lines

The Nigerian Communications Commission and the Central Bank of Nigeria have jointly…

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Naira Strengthens to N1,345/$ at Official Market, Trades N1,390–N1,405 on Parallel Market
Economic

Naira Strengthens to N1,345/$ at Official Market, Trades N1,390–N1,405 on Parallel Market

The Nigerian currency, the naira, recorded a marginal appreciation on Tuesday as…

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Economic

CBN: Reforms Shield Nigeria from Worse Economic Shock

The Central Bank of Nigeria has defended its recent policy decisions, stating…

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News

Nigeria Exports 55m Barrels as Dangote Refinery Struggles for Crude

Nigeria exported a total of 55.39 million barrels of crude oil in…

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naira, dollar exchange rate, forex Nigeria, CBN, parallel market, NFEM, Nigeria economy
EconomicNews

Naira Trades at N1,340/$ Officially, N1,250 on Parallel Market

The Nigerian naira maintained relative stability at the official market but weakened…

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IMF Cuts Nigeria’s 2026 Growth Forecast to 4.1% Amid Global Pressures
Economic

IMF Cuts Nigeria’s 2026 Growth Forecast to 4.1% Amid Global Pressures

The International Monetary Fund has revised Nigeria’s economic growth forecast for 2026…

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Middle East Crisis: FG Moves to Shield Nigeria’s Economy as Oil Prices Surge
News

Middle East Crisis: FG Moves to Shield Nigeria’s Economy as Oil Prices Surge

Nigeria’s economic managers are racing to contain the ripple effects of the…

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Cash Outside Banks Drops to ₦5.20trn as Liquidity Pressure Eases
Economic

Cash Outside Banks Drops to ₦5.20trn as Liquidity Pressure Eases

Nigeria’s cash flow dynamics showed signs of stabilisation in February 2026, as…

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News

CBN Debunks Fake N5,000 Banknote Claim, Warns Against Viral Currency Misinformation

The Central Bank of Nigeria (CBN) has dismissed viral claims circulating on…

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Economic

Naira Appreciates to N1,369/$ at Official Market, Gap Widens

The Nigerian currency strengthened across both official and parallel markets on Wednesday,…

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