Nigeria: 'Bank Verification Number Will Check Forex Arbitrage'

The Bank Verification Number (BVN) initiative, when fully implemented, will help to curb arbitrage in the foreign exchange market, an Executive Director at Sterling Bank, Mr. Abubakar Suleiman, has said.

Suleiman explained that with the BVN, each bank customer will have a unique identification, which will make it easy to prevent people from flouting the Central Bank of Nigeria's (CBN) recent policy on the use of naira denominated debit cards for transactions abroad.

...

AllAfrica publishes around 400 reports a day from more than 100 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.