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September 13, 2024 CBN Instructs Service Providers to Begin Tracking PoS Transactions
IFMNEWS

CBN Instructs Service Providers to Begin Tracking PoS Transactions

The Central Bank of Nigeria (CBN) has instructed payment service providers to start monitoring all Point of Sale (PoS) transactions.

In a circular addressed to all Payment Service Providers (PSPs) regarding their connection to payment terminal service aggregators, the CBN gave PSPs a 30-day period to comply with Payment Terminal Service Aggregators (PTSA). The circular, dated September 11, 2024, was signed by Oladimeji Taiwo, the CBN’s Director of Payments System Management.

“To address concerns about routing all PoS transactions through a single aggregator, the CBN issued a second PTSA license to Unified Payment Services Limited (UPSL) on April 19, 2024,” the circular noted.

The CBN further instructed that all PoS transactions, whether physical or electronic, must be routed through any CBN-approved PTSA at merchant and agent locations.

It also stated that PTSAs must process PoS transactions only through Processors certified by the relevant Payment Scheme, chosen by the Acquirer, and licensed by the CBN. All licensed Processors must connect with both PTSAs, providing Acquirers the flexibility to select their Processor(s) and PTSA.

Payment Terminal Service Providers (PTSPs) are required to configure their PoS devices and software to follow the Acquirer’s choice of PTSA, while PTSPs must submit monthly reports to the CBN, detailing the merchants and agents they manage and the PTSAs used for transactions.

Similarly, each PTSA must submit monthly reports to the CBN on all transactions processed through their systems. These reports should be submitted within seven days of the month’s end.

The CBN emphasized that PSPs must regularize their operations with PTSAs within 30 days and notify the CBN of their compliance. Failure to do so will result in penalties.

August 15, 2024 Nigeria’s Inflation Drops for the First Time Since 2022
IFMNEWS

Nigeria’s Inflation Drops for the First Time Since 2022

Nigeria's inflation rate dropped to 33.40 percent in July 2024, down from 34.19 percent in June, marking the first decline since December 2022 when it was at 21.34 percent. The National Bureau of Statistics revealed this in its latest Consumer Price Index and Inflation report released on Thursday.

The 0.79 percent decrease aligns with financial analysts' predictions that inflation would begin to cool off between July and August. In June, the CEO of Financial Derivatives projected that the rate of price increases would start to slow during this period.

Central Bank of Nigeria (CBN) Governor Olayemi Cardoso had previously assured that the Monetary Policy Committee (MPC) would take all necessary steps to curb inflation. As part of these efforts, the CBN has continued to raise interest rates, with the most recent hike in July bringing the rate to 26.75 percent, up from 26.25 percent in May.

The Nigerian government has also introduced fiscal measures, such as zero import duties on selected staple foods, to combat inflation. The Defence Headquarters also recently announced that it had deployed troops to farms in the North East and North Central regions to ensure a smooth farming season.

July 23, 2024 CBN Raises Interest Rate to 26.75% in Response to Rising Inflation
IFMNEWS

CBN Raises Interest Rate to 26.75% in Response to Rising Inflation

The Central Bank of Nigeria (CBN) has once again increased the Monetary Policy Rate (MPR) by 50 basis points, raising it from 26.25% to 26.75% in response to soaring inflation and escalating food prices. CBN Governor Olayemi Cardoso announced this adjustment following the apex bank’s 296th Monetary Policy Committee (MPC) meeting in Abuja on Tuesday.

The MPC also modified the asymmetric corridor around the MPR from +100/-300 basis points to +500/-100 basis points. Additionally, it retained the Cash Reserve Ratio (CRR) for deposit money banks at 45% and for merchant banks at 14%, as well as the Liquidity Ratio at 30%.

Cardoso emphasized that the committee is aware of the impact of rising prices on households and businesses and is committed to taking necessary actions to control inflation. He noted that despite the inflation uptick in June 2024, prices are expected to stabilize in the near term as monetary policy measures take effect, along with further actions by the fiscal authority to address food inflation.

The MPC expressed concern over persistent food inflation and rising energy costs, which continue to undermine price stability. The next MPC meeting is scheduled for September 23 and 24.

Nigeria is facing one of its worst economic crises in recent times, characterized by rising living and energy costs, driven by the government’s removal of the petrol subsidy and unification of the foreign exchange windows in May 2023. The country's inflation reached a record high in June, hitting 34.19%, according to the National Bureau of Statistics (NBS). Food inflation also surged to 40.87% year-on-year in June 2024, compared to 40.66% in May 2024, and 25.25% in June 2023.

Despite palliative measures rolled out by President Bola Tinubu's administration and governors of the 36 states, Nigerians continue to suffer from the severe impact of inflation as the prices of food commodities and basic products increase uncontrollably.

July 23, 2024 58 Countries Endorse Okonjo-Iweala for Second Term as WTO Director-General
IFMNEWS

58 Countries Endorse Okonjo-Iweala for Second Term as WTO Director-General

Fifty-eight out of the 164 member states of the World Trade Organisation (WTO) have expressed their support for the African Group's proposal backing the incumbent Director-General, Ngozi Okonjo-Iweala, for a second term. This was announced at a July 22 meeting of the WTO General Council, according to a statement by the global trade body.

“The African Group requests that the current Director-General make herself available to serve a second term and has proposed that the process of reappointing the Director-General should be started as soon as possible,” the statement read.

"Fifty-eight members, several speaking on behalf of groups of members, took the floor to comment and express their support for the African Group proposal. They called on DG Okonjo-Iweala to make her intentions regarding a second term known as soon as possible. Most of these members praised the DG’s hard work and her achievements during her first term."

Okonjo-Iweala, 70, expressed her gratitude for the support from members. “Everything that I’ve accomplished, we’ve accomplished together,” she said. She added that she takes the members' call seriously and is favorably inclined, promising to announce her intentions soon.

Okonjo-Iweala, the seventh WTO Director-General, began her term on March 1, 2021, with her current term set to expire on August 31, 2025. She is eligible for a second term.

The former Nigerian Finance Minister overcame significant opposition to become the first woman and the first African to serve as WTO Director-General. Prior to her current role, she served as Nigeria’s Finance Minister from 2003 to 2006 and from 2011 to 2015, and briefly acted as Foreign Minister in 2006, making her the first woman to hold both positions. Okonjo-Iweala also had a 25-year career at the World Bank as a development economist, eventually rising to Managing Director of operations.

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