Reserves back to $31b, CBN gives OFIs new BVN deadline

The nation’s stock of foreign exchange reserves has recorded an upward swing to $31 billion, after declining to a near $30 billion mark two months ago due to market

interventions,

The development, which not only showed an understanding of the foreign exchange market dynamics by the apex bank, was also a prove of the stable oil production and relative increase export earnings, particularly from the non-oil sector of the economy.

In the last two months, the international price of crude oil has been unstable, oscillating between $45 per barrel to $51, but has been off-set by stable oil production put at 1.8 million barrels per day.

The new reserves profile is coming on the heels of significant gains in the last two weeks, which were estimated at an average of $200 million and has increased the optimism over CBN’s capacity to sustain interventions in defense of the naira.

Meanwhile, the Central Bank of Nigeria (CBN) has extended the deadline for registration into the Bank Verification Number (BVN) project for Other Financial Institutions (OFIs) to December 31, 2017.

Apex bank had turned its focus to capturing the biometrics of customers of OFIs, after completing the process in commercial banks, in continuation of efforts to unify banking system operations and ensure proper identification for all banked Nigerians.

The decision was the result of appeal by the sub-sector operators and stakeholders, made up of the Fianancial Inclusion Secretariat, National Association of Microfinance Banks and Mortgage Bankers Association of Nigeria, as well as assessed efforts on their part to comply.

In a statement signed by the Director of OFIs’ Supervision Department at CBN, Mrs. Tokunbo Martins, warned that there may not be further considerations after the new deadline and customers without BVN would no longer be entitled to withdrawals.

She also tasked OFIs to utilise appropriate Know-Your-Customer requirements, sustain progress reports to CBN, sensitise customers on the need to comply and continue to display the notice in the banking halls.