- The Nigerian currency trades at N363, N502 and N444 against the Dollar, Pound Sterling and Euro respectively
The Nigerian Naira on Thursday, March 15, maintained it’s rate against the U.S. Dollar which it traded at as at Wednesday, March 14. The local currency maintained the rate N363 per US dollar at the parallel market.
Meanwhile, the Central Bank of Nigeria (CBN) has issued the regulation for direct debit schemes in the country.
The regulation recognizes the existing and emerging multichannel options (online platforms, instant payments,etc.) applied for direct debit instructions in Nigeria, Thisday reports.
In the guidelines posted on its website on Wednesday, March 14, the CBN explained that the provisions of the regulation were harmonised with developments in the payments system since the release of the previous version. Direct debit is a cash-less form of financial settlement which facilitates recurring payments.
It permits the originator of the instruction, known as‘biller’ to collect amounts due from a payer through the Payer’s bank by leveraging an instruction or mandate provided by the payer.
Source: Thisday
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