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Nigeria’s external reserves near $40 billion as it has risen to $39 billion currently, from a low of $23b billion in October 2016, according to the Central Bank of Nigeria (CBN).
Collaboration with relevant agencies helped the CBN raise the reserves and bring down the foreign exchange rate which fell to as low as over N500 per dollar to about N360/$ currently.
Adebayo Adelabu, deputy governor, operations, made this known in Lagos while delivering a goodwill message at the end of year dinner of the Nigeria Electronic Fraud Forum (NeFF).
In spite of the increase in the value and volume of electronic payment transactions in 2017, interim statistics from the Nigeria Inter-Bank Settlement System (NIBSS) indicate further decrease in the value of successful fraud cases from N652.8 million in third quarter 2015 to N406 million in Q3 2017.
“This is no doubt highly commendable and the forum is encouraged to keep up the good job of rallying the industry to achieve even greater results in the coming years”, Adelabu said.
“For the year to come, I am throwing a challenge at the forum, which is, to look at relevant initiatives that will move the industry forward by curbing fraud incidents in the industry”.
Adelabu disclosed that a circular will be released by the CBN that will detail the process of the adoption the cashless policy next week and details of the various places and states involved.
Dipo Fatokun, director, banking and payments system department, said, “we will therefore tighten the BELT of our activities to ensure that not only fewer losses occur but the inclination to attempt will also wane”.
Fatokun said the efforts NeFF in 2018 will be aimed at further securing banking channels, raising awareness on fraud mitigants to the entire ecosystem and deepening our collaboration and partnership with both Law-Enforcement and Telecommunication stakeholders within and outside Nigeria.
The end of year dinner was sponsored by Diamond Bank, First Bank, Jaiz Bank, Unity Bank, Interswitch and Unified Payments.
