Connect with us

Finance

Currency-in-circulation Rises to N1.794 Trillion

Published

on

interbank
  • Currency-in-circulation Rises to N1.794 Trillion

The value of currency-in-circulation increased year-on-year to N1.794 trillion at the end of September 2016, compared with the N1.679 trillion it was at the end of August 2016.

This was compiled from latest money and credit statistics posted on the Central Bank of Nigeria’s (CBN) website.

The data however showed that banking sector credit to the private sector decreased slightly year-on-year to N22.593 trillion at the end of September, compared with the N22.664 trillion it stood the previous month.

The central bank data also revealed that broad money (M2), which generally is made up of demand deposits at commercial banks and monies held in easily accessible accounts increased marginally year-on-year from N21.647 trillion as at August 2016, to N22.133 trillion at the end of September.

But narrow money (M1), which includes all physical monies such as coins and currency along with demand deposits and other assets held by the central bank climbed year-on-year to N9.949 trillion in the review month, as against the N9.125 trillion recorded the previous month.

Also, currency outside banks increased to N1.477 trillion in September, from N1.369 trillion as at the end of August.
Demand deposits, which are funds held in an account from which deposited funds can be withdrawn at any time without any advance notice to the depository institution increased from N7.756 trillion in August, to N8.472 trillion in the month under review.

The latest central bank’s money and credit statistics also revealed that quasi money, which is made up of highly liquid assets that can easily be reserves as reduced to N12.184 trillion as at September, compared with the N12.521 trillion the previous month.

Meanwhile, Nigeria’s external reserves reduced to $23.907 billion as at October 21, compared with the $24.420 billion it was as at October 4.

The CBN had disclosed in its second quarter 2016 economic report that at N21.425trillion, banking system’s credit to the private sector grew by 13.5 per cent in the second quarter of 2016, compared the previous quarter.

The development then was due to the growth in claims on the core private sector. Over the level at end December 2015, banking system’s credit to the private sector grew by 14.5 per cent, compared with the growth of 0.9 per cent and 4.3 per cent recorded at the end of the preceding quarter and the corresponding period of 2015, respectively

Also, at N24.318 trillion, aggregate domestic credit (net) to the economy, on quarter-on-quarter basis, grew by 7.3 per cent, compared with the growth of 4.9 per cent and 3.8 per cent at the end of the preceding quarter and the corresponding quarter of 2015, respectively.

The development, relative to the preceding quarter was attributed to the 13.5 per cent growth in claims on the private sector. Over the level at end of December 2015, net domestic credit rose by 12.5 per cent, compared with the growth of 4.9 per cent at the end of the preceding quarter. The development reflected the growth in claims on the private sector.

Relative to the level at the end of the preceding quarter, foreign assets (net) of the banking system, rose by 2.8 per cent to N7.105 trillion at end-June 2016, in contrast to the decline of 1.8 per cent at the end of the preceding quarter. Furthermore, the development was attributed, largely, to the increase in foreign asset holdings of the banks, following the adoption of a flexible exchange rate regime.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Banking Sector

FirstBank Boosts Cross Border Payment With FirstGlobal Transfer

Published

on

FirstBank Boosts Cross Border Payment With FirstGlobal Transfer

First Bank of Nigeria Limited has announced the launch of First Global Transfer (FGT) to promote the international transfer of funds across its subsidiaries in sub-Saharan Africa.

The bank, in a statement, said: “First Global Transfer (FGT) initiative is specifically designed to ensure safe, timely and improved efficiency in the transfer of funds across the network of FirstBank subsidiaries in Africa.

“The FGT is not restricted to FirstBank and FBNBank customers alone but it is also open to every individual resident in the country the funds’ transfer is originating from.

“Intending users of the initiative are to visit any of the bank’s branches in Nigeria or subsidiaries in Africa, which are: FBNBank DRC, FBNBank Ghana, FBNBank Gambia, FBNBank Guinea, FBNBank Sierra-Leone, or FBNBank Senegal to enjoy the service.

“For example, with First Global Transfer, individuals and customers in Sierra-Leone can walk into any FBNBank branch to send money to FirstBank customers in Nigeria as well as FBNBank customers in Gambia, Ghana, DR Congo, Senegal or Guinea.”

Speaking on the initiative, Dr. Adesola Adeduntan, Chief Executive Officer, FirstBank said, “today’s customer is influenced by the technological advancement shaping businesses across various industries and our First Global Transfer (FGT) initiative is one of those advancement created to impact every individual in our host community in Africa, whilst promoting the ease and swift transfer of money from one country to another for business or personal activities.”

Continue Reading

Finance

Ecobank To Pay Customers N5 For Every Dollar Received

Published

on

ecobank

Ecobank To Pay Customers N5 For Every Dollar Received

Ecobank has implemented the CBN scheme which offers N5 for every Dollar received into domiciliary accounts or as cash over the counter. Korede Demola-Adeniyi; Head, of Consumer Banking, Ecobank Nigeria, who announced this in Lagos stated that the decision is in line with the CBN directive and fully aligns with efforts to encourage the inflow of diaspora remittances into the country.

She noted that the “CBN Naira 4 dollar scheme” is an unprecedented incentive for senders and recipients of international money transfers.

Korede Demola-Adeniyi said that the scheme takes effect from 8th March and will run till 8th May 2021. “Ecobank will pay N5 on every Dollar so beneficiaries will not only get the foreign currency sent from their family and friends abroad, but they will also get extra Naira”, she stated.

Only recently, Ecobank had a first-of-its-kind virtual Diaspora Summit to discuss opportunities for Nigerians living abroad and the various platforms available to assist them with their investment decisions and remittance needs. The event had major players in the remittance space, diaspora audience, government officials and notable stakeholders in attendance.

Further, the Managing Director, Ecobank Nigeria, Patrick Akinwuntan has disclosed that apart from consistent engagement with Nigerians in the diaspora, Ecobank is leveraging its digital technology to make remittances to Nigeria and Africa easy, convenient and affordable.

Mr. Akinwuntan stated that growing evidence has shown a positive relationship between diaspora remittances and economic growth.

“Ecobank will continue to pursue its mandate of helping to enhance the economic development and integration of Africa, through the 33 countries where the bank operates on the continent. Ecobank’s Rapidtransfer and mobile app (Ecobank Mobile) enable Africans, wherever they are, to easily and instantly send money to bank accounts, mobile wallets and agent locations across 33 African countries”, he stated.

Ecobank Nigeria, a member of the Pan African Banking Group is committed to supporting Africans in the diaspora by providing advisory services, remittance solutions, investment options and financial planning schemes. The bank also offers mortgages, treasury bills, capital market instruments, among others.

Continue Reading

Banking Sector

Peter Obaseki Retires as Chief Operating Officer of FCMB Group Plc

Published

on

FCMB

The Board of Directors of FCMB Group Plc has announced the retirement of Mr. Peter Obaseki, the Chief Operating Officer of the financial institution, with effect from March 1, 2021. He was also an Executive Director of the Group.

His retirement was approved at a meeting of the Board of the Group on February 26, 2021. This has also been announced in a statement to the Nigerian Stock Exchange (NSE) by the financial institution.

The Chairman of FCMB Group Plc’s Board of Directors, Mr Oladipupo Jadesimi, thanked Mr. Obaseki for his valuable service and excellent support to the Board for many years.

FCMB Group Plc is a holding company divided along three business Groups; Commercial and Retail Banking (First City Monument Bank Limited, Credit Direct Limited, FCMB (UK) Limited and FCMB Microfinance Bank Limited); Investment Banking (FCMB Capital Markets Limited and CSL Stockbrokers Limited); as well as Asset & Wealth Management (FCMB Pensions Limited, FCMB Asset Management Limited and FCMB Trustees Limited).

The Group and its subsidiaries are leaders in their respective segments with strong fundamentals.

For more information about FCMB Group Plc, please visit www.fcmbgroup.com.

Continue Reading

Trending