CBN asks banks to rescue the economy – Punch

By Stanley Opara

The Central Bank of Nigeria has charged Deposit Money Banks in the country to work towards salvaging the distressed economy as the role of returning it to normalcy remains their responsibility owing to their financial intermediation activities that cut across all sectors.

Aside the intervention policies of the CBN, which are extended to the target populace through the banks, there is an added role for the financial institutions in evolving innovative approach to the nation’s development agenda, according to the apex bank.

The CBN Governor, Godwin Emefiele, who made the charge in his opening address at the 2016 Bankers’ Committee retreat in Lagos on Friday, noted that at a critical time in the country’s history, the emphasis on diversification and support for its achievement must be accorded priority by bankers.

At the retreat with the theme: ‘Economic Recovery: The Role of the Banking Sector’, the governor reiterated that banks must come up with innovative solutions that would enable the finance sector to play a key role in driving Nigeria’s growth and development.

The retreat, which is the eighth in the series, is an annual event where members of the Bankers’ Committee engage in strategic review of critical developments within the financial system and the economy.

Emefiele added, “The focus on economic recovery by bankers is timely, given the sustained external headwinds we are grappling with, triggered by several factors. Chief of such is the 70 per cent plus decline in the price of crude oil between June 2014 and June 2016.

“With over 90 per cent of our export revenues coming from the sale of crude oil, the drop in its prices along with the end of the quantitative easing programme in the United States has led to a huge impact on our economy, particularly in the foreign exchange market.”

Meanwhile, the Lagos State Governor, Mr. Akinwunmi Ambode, has charged banks to take their role of reviving the economy seriously.

Ambode, who was represented by the Deputy Governor at the opening of the retreat, Dr. Idiat Adebule, called for a change of orientation and support for policy instruments aimed at achieving the overall goal of reviving the economy.

“We must innovate now, because there is no option to get out of the recession. We must get it right too. The banking sector has a major role to play, because the survival of other sectors depends in part on sustainability and vibrancy of banks,” he said.

He gave an assurance that the suggestions of the bankers would be given due consideration by the government and its agencies to serve as a guide in policy formulation.

But noting that there is a paradigm shift, Emefiele said that emphasis was now on creating an enabling environment for a more diversified growth structure that was not dependent on the sale and production of one produce, crude oil.

What to do if you are a victim of bank fraud – Punch

There are a number of things you can do if you find out you have become a victim of phishing attack, identity theft, or any other bank fraud.

If you think you’ve been a victim of online banking or ID fraud, notify your bank as soon as possible.

Know your rights: Think you may have given a fraudster your bank details? We tell you what to do.

Banking regulations say that a bank can only refuse a refund for an unauthorised transaction if it can prove you authorised the transaction, or that you acted fraudulently or were grossly negligent in failing to protect your PIN and password.

If your bank refuses to refund you, take your complaint to the Consumer Protection Department of the Central Bank of Nigeria. It will look at each case on its merits.

Staying safe online:Some people have shared their experiences of how to stay safe online. I only use one card online and I never respond to links in emails, but rather type the info in by hand.

Lots of people shared tips for staying safe online, from creating complicated passwords to looking out for the padlock symbol next to a website’s URL.

Sticking with reputable websites or those that require additional security measures, such as Verified by Visa confirmation, is another idea, while a few cautioned against keeping card details logged and saved on websites.

I don’t use my credit card to buy petrol as my bank said that petrol stations were in their experience vulnerable to skimming.

Some told us they feel safer using cash machines inside banks whenever possible and screen the keypad when entering their PIN. A handful even decided to avoid specific retailers that concern them.

Other things you can do to avoid bank fraud

Crooks use clever schemes to defraud millions of people every year. They often combine new technology with old tricks to get people to send money or give out personal information. Here are some practical tips to help you stay a step ahead, according to www.consumer.ftc.gov:

Spot imposters: Scammers often pretend to be someone you trust, like a government official, a family member, a charity, or a company you do business with. Don’t send money or give out personal information in response to an unexpected request, whether it comes as a text, a phone call, or an email.

Do online searches: Type a company or product name into your favourite search engine with words like “review,” “complaint” or “scam.” Or search for a phrase that describes your situation, like “IRS call.” You can even search for phone numbers to see if other people have reported them as scams.

Don’t believe your caller ID: Technology makes it easy for scammers to fake caller ID information, so the name and number you see aren’t always real. If someone calls asking for money or personal information, hang up. If you think the caller may be telling the truth, call back to a number you know is genuine.

Don’t pay upfront for a promise: Someone may ask you to pay in advance for things like debt relief, credit and loan offers, mortgage assistance, or a job. They may even say you’ve won a prize, but first you have to pay taxes or fees. If you do, they will probably take the money and disappear.

Consider how you pay: Credit cards have significant fraud protection built in, but some payment methods don’t. Wiring money through services like Western Union or MoneyGram is risky because it’s nearly impossible to get your money back. That’s also true for reloadable cards like MoneyPak, Reloadit or Vanilla. Government offices and honest companies won’t require you to use these payment methods.

Talk to someone: Before you give up your money or personal information, talk to someone you trust. Con artists want you to make decisions in a hurry. They may even threaten you. Slow down, check out the story, do an online search, consult an expert, or just tell a friend.

Naira stabilises at N485 per dollar – Daily Trust

The Naira on Friday remained stable at the parallel market, exchanging at N485 to a dollar.
The Pound Sterling and the Euro closed at N602 and N515, respectively.

At the interbank market, the Naira also remained stable at N305.50 to a dollar.

Trading at the Bureau De Change (BDC) window saw the Naira sold at N399 to a dollar, CBN controlled rate, while the Pound Sterling and the Euro exchanged at N606 and N515, respectively.

Traders at the market said that the scarcity of dollar persisted, leading to slow activities.

Read more at http:Vanguard