There is no doubt that 2014 was very challenging and an eventful year for the banking industry. One interesting thing is that those challenges were not left unaddressed.

The first quarter of 2014 featured the launch of Bank Verification Number (BVN) by Sanusi Lamido Sanusi, the former governor of Central Bank of Nigeria (CBN) in Lagos.

Another major event sector was the suspension of Sanusi by President Goodluck Jonathan based on investigations being carried out by the Financial Reporting Council of Nigeria since May last year.

Consequently, Godwin Emefiele, who was the managing director of Zenith Bank plc, was appointed as the new CBN governor and he assumed office in June 2014.

There were some policies approved by the former governor which were later implemented by the current CBN governor. One of such policies was the re-introduction of inter-bank ATM charges of N65 on ‘remote-on-us’ after four withdrawals.

Uju Ogubunka, president, Bank Customers Association of Nigeria (BCAN), admitted that the banking sector in 2014 witnessed naira devaluation, risk management, infrastructure deficit, human capacity development and emphasis at ensuring stability of the economy, among other major events.

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http://monitor9ja.com/2014/12/banking-industry-tackles-challenges-2014-face-short-term-forex/