Depositors' accounts can't be accessed with BVN - CBN

Following recent fears that depositors’ money can be assessed and defrauded electronically using the Biometric Verification Number (BVN), the governor of Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has faulted the claim, saying “nobody can tamper with your money using you BVN”.
The CBN governor also stated that the Treasury Single Account (TSA) which is being implemented by the President Muhammadu Buhari-led government will help make cash management easy for government.

Emefiele stated this yesterday during an advocacy workshop on the Economic Implications of Recent CBN policies with the theme ‘understanding the Economic Implications of the new CBN monetary policies and the role of civil society in policy advocacy and economic development’ organised by the Coalition of Civil Society Groups (COSOG) in Abuja.
The governor who was represented by the Director of finance and marketing department of the CBN Mr Emmanuel Okeji, said: “There are times that government have money in various banks, and yet go borrowing, because they don’t have visibility over their resources, so
the TSA make cash management very easy for government so that at any point in time they can take a decision on disbursement.
“Most of the policies we have put together is in the overall interest of the economy, because it is easy for CBN to always concentrate on monetary policy, and exchange rate but of what use will it be if we get the financial sector right and sound and yet the real sector that supposed to move the economy is not moving.
“Basically the financial system is making money but we are supposed to be making more money by servicing the real sector of the economy. That is why at a point in time we have to intervene in the power sector,” he said.
Earlier in his opening remark, president of COSOG, Etuk Bassey Williams, while commending steps so far taken by the Buhari led federal government in diversifying the nation’s economy during his welcome address advised the government to invest heavily in the solid mineral sector in order to boost the economy of the country adding that the sector if properly harnessed is capable of generating more revenue for the government than the crude oil.

He however explained that the present steps may not be enough to tackle the enormous economic challenges presently being faced by the country and strongly recommend that government should take a conscious, sincere and pragmatic steps in diversifying the economy with emphasis on the solid mineral and agricultural sectors which if properly harnessed is capable of generating in excess of what is currently being generated from crude oil.
“In addition, priority should be given to the growth of small and medium scale industries, which remain the engine of growth of any economy” he said
He commended the efforts of the present administration for being able to respond to the present economic challenges by reducing the over bloated cost of governance and plugging leakages through which monies were hitherto being siphoned.
He said that the country is experiencing another critical stage in her National history where a very sharp decline in oil revenue after a period of boom that saw price of crude oil rose to over a $100 per barrel in the international market “having failed as a country to learn from past mistakes due to our inability to diversity the country’s economy, ensure savings and prudent management of resources, Nigeria is once more grappling with its share of the aftermath of the oil price decline”