The Central Bank of Nigeria (CBN) is set to implement new rules regarding the Bank Verification Number (BVN) starting this Friday. These regulations will include the requirement for phone numbers among other details, aimed at enhancing the security of digital banking transactions.
The Credit Risk Management Initiative (CRMI) has expressed support for the CBN's measures, emphasizing the importance of these digital banking safeguards. Meanwhile, the Nigerian Overnight Financing Rate continues to influence the banking sector, affecting markets and small to medium enterprises (SMEs) as they navigate these changes.