Index to Nigerian Newspapers

Some currency exchange operators are still experiencing significant difficulties in meeting the new two billion naira recapitalisation threshold mandated by the Central Bank of Nigeria, despite receiving a six-month extension until June 3, 2025. According to the President of the Association of Bureau De Change Operators of Nigeria, Aminu Gwadebe, compliance among members remains quite slow as many continue to struggle with the strict financial requirements. To navigate this challenge, operators are currently holding strategic meetings to explore mergers and collaborative options, while also continuing discussions with the apex bank to request potential reviews, even though the central bank maintains that the financial requirements are standard industry practice. Commenting on the broader economic outlook, Gwadebe noted that the stability and future strength of the naira depend heavily on robust foreign exchange market liquidity and improved supply-side interventions by the central bank. Additionally, he welcomed recent monetary policy initiatives introduced by the central bank, such as the Non-Resident Nigerian accounts designed to facilitate diaspora remittances and local investments, emphasizing that easing access to these programs will help improve foreign exchange inflows and reduce unnecessary market speculation.

According to a customer experience survey by the multinational professional services firm KPMG, handling customer complaints remains the biggest weakness for the Nigerian banking sector, primarily due to ongoing technology challenges. While financial technology companies have successfully outpaced traditional commercial banks with fast and high-quality problem resolution, corporate and small and medium-sized enterprise segments showed notable improvements in overall satisfaction over the past year. Furthermore, keeping account information and transactions secure has become the most critical measure of satisfaction across all customer groups, noting the urgent need for traditional banks to innovate and improve their digital services as customer expectations continue to rise amid economic challenges.