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Economy

CBN Unveils New Cybersecurity Awareness Programme

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CBN Unveils New Cybersecurity Awareness Programme

A public enlightenment programme and cyber awareness initiative tagged #NoGoFallMaga has been unveiled in Lagos.

The programme aims to promote general public awareness on cybersecurity, reduction of cybercrime and financial fraud which have been rampant due to the increase in digital transactions.

NoGoFallMaga is the result of a strategic trio partnership between the CBN, CCISONFI (a committee formed under the guidance of the Central Bank of Nigeria and made up of the Chief Information Security Officers of Nigerian Deposit Money Banks and Payment Service Providers (PSPs)) and finally Cybersafe Foundation, an independent non-governmental organisation.

NoGoFallMaga was adopted as the name for the cross-financial industry cyber awareness campaign aimed at combating preventable digital fraud with consumer-centred sensitization and education.

Digital fraud in this context includes email deception, phone-based scams, online fraud – particularly where cybercriminals impersonate trusted organizations.

READ ALSO: Sickle Cell Awareness Day: What You Need To Know About The Disorder

In a remark, the Executive Director Cybrrsafe foundation Miss Confidence Starvely said efforts to educate customers of financial institutions on cyber hygiene best practices, especially the most vulnerable, must be stepped up. Using traditional platforms and creative approaches, using communication channels reaching semi-rural communities, leveraging entertaining music.

Starvely said the Flagship initiative which entails partnership with the Committee of Chief Information Security Officer of Nigerian Financial Institutions (CCISONFI) and the CBN to launch the NoGoFallMaga Campaign, will enable them to join forces to reach the 40million Nigerians who currently access financial services across the country, raising mass cybersecurity awareness and consequently reducing the success of rate of cyberfraud attacks among customers.

The Chairman’ Committee of Chief Information Security Officers of Nigerian Financial Institution, Mr Abumere Igboa said the committee became necessary due to the need to have an industry body supporting the CBN in providing guidance and advisory services related to Cyber, Data and Information Security across the Nigerian Financial & Payment ecosystem as the cyber threat landscape continued to evolve.

Mr Igboa Pointed out that the increase in the use of digital platforms has greatly transformed the cyber & technology landscape thereby coming with its own risk, hence the need to sustain trust and confidence in customers ability to communicate and transact securely within the financial ecosystem, and a loss of such trust and confidence could undermine the benefits of CBN’s cashless economy or the ability to continually leverage technology as an enabler of social and economic development.

In a speech, the Director of Banking Supervision, CBN, Mr Haruna Mustapha who was represented by Dr Adedeji Adetona who assured that CBN was ready to partner with industry stakeholders to develop awareness programs that can be integrated into the education system to create a security culture for citizens from childhood noted that cybersecurity was part of Governor of Central Bank’s five-year policy trust 2019 to 2024.

The nogofallmaga cyber awareness campaign will be taken to grassroots in various Nigerian languages, social media platforms and higher institutions.

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Economy

BREAKING: CBN Increases Interest Rate For 3rd Time This Year

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CBN Increases Interest Rate For 3rd Time This Year

The policy-setting committee of the Central Bank of Nigeria (CBN) has raised the monetary policy rate (MPR), which measures interest rate, from 14 percent to 15.5 percent, the third consecutive increase in 2022.

In July, the apex bank raised the MPR from 13 percent to 14 percent to tame rising inflation.

MPR is the baseline interest rate in an economy, every other interest rate used within an economy is built on it.

Addressing journalists on Tuesday, September 27, after the committee’s meeting at the CBN headquarters in Abuja, Godwin Emefiele, governor of the apex bank, said 10 members of the committee voted for the rate hike.

The committee also raised the cash reserve ratio (CRR) to 32.5 percent from 27.5 percent. CRR is the share of a bank’s total customer deposit that must be kept with the central bank in the form of liquid cash.

He said the aggressive rate hike would shape the country’s economic growth.

According to him, the committee voted to retain the asymmetric corridor at +100 and -700 basis points around the MPR and liquidity ratio to a minimum of 32.5 percent.

“It was of the view that with the aggressive policy normalisation of the economies, losing the stance of policy will result in a sharp decrease of exchange rate leading to further hikes that will be afloat,” he said.

Also, it will help consolidate the impact of the last two policy rate hikes which is already reflected in the slowing growth rate of oil supply in the economy. We also understand that an aggressive rate hike will slow capital outflows and likely attract capital inflows and appreciate naira.

We will keep increasing the interest rate to reduce the high effect of inflation.

In August, Nigeria’s annual inflation rate climbed to a 17-year high of 20.52 percent as the high cost of food items continues to affect citizens.

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Economy

Dollar To Naira Exchange Rate Today (Tue. Sept. 27, 2022)

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Dollar To Naira Exchange Rate Today (Tue. Sept. 27, 2022)

Dollar to naira, on Tuesday, September 27, 2022, opened at (undisclosed) at the Investors & Exporters FX window ( I&E FX Window), where the currencies officially trade.

According to the data at the FMDQ Security Exchange where forex is traded officially, the dollar to naira exchange rate stood at (undisclosed).

This would mean that the Nigerian currency either gained or lose in value against the United States dollar, as foreign exchange (forex) trading closed at N431.33 per $1 on Monday, September 26.

How much is the dollar to naira at the black market today?

Going by sources at the Bureau De Change (BDC) in Lagos, dollar to naira last traded between N715 and N720 in the black market in the state.

It is however pertinent to note that the Central Bank of Nigeria (CBN) does not recognise the parallel market (black market), as it has directed individuals who want to engage in forex to approach their respective banks.

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Economy

Dollar To Naira Exchange Rate Today (Fri. Sept. 23, 2022)

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Dollar To Naira Exchange Rate Today (Fri. Sept. 23, 2022)

Dollar to naira, on Friday, September 23, 2022, opened at (undisclosed) at the Investors & Exporters FX window ( I&E FX Window), where the currencies officially trade.

According to the data at the FMDQ Security Exchange where forex is traded officially, the dollar to naira exchange rate stood at (undisclosed).

This would mean that the Nigerian currency either gained or lose in value against the United States dollar, as foreign exchange (forex) trading closed at N430.59 per $1 on Thursday, September 22.

How much is the dollar to naira at the black market today?

Going by sources at the Bureau De Change (BDC) in Lagos, dollar to naira last traded between N700 and N714 in the black market in the state.

It is however pertinent to note that the Central Bank of Nigeria (CBN) does not recognise the parallel market (black market), as it has directed individuals who want to engage in forex to approach their respective banks.

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