Like United Bank for Africa, Zenith Bank has also halted international Automated Teller Machine (ATM) cash withdrawals and POS transactions on all Naira cards, the bank disclosed in a statement forwarded to all customers on Wednesday.
For web transactions, the leading lender reviewed downward its monthly limit from US$100 to US$20, attributing the decision to the current economic realities of Nigeria.
The announcement was made during a record-high oil price, the only viable means by which the Nigerian nation generates foreign exchange necessary to service its import-dependent 200 million nation.
However, Africa’s largest economy and the continent’s largest exporter, is not expected to profit from the surge in global oil prices. This is because of Nigeria’s economic structure and lack of refineries. Hence, why Nigeria imports finished petroleum products from overseas.
The Federal Government has to subsidize imported fuel so that majority of Nigerians without constant electricity, transporters and other fuel users can afford it.
Sadly, this increase in crude oil prices means, the landing cost per litre will increase. Therefore, Nigeria’s profit from crude oil will be used to pay for subsidy, or Nigerians battling with a 33.33% unemployment rate, high inflation, low new job creation and weak wage growth will not be able to afford it.
A few weeks ago, it was the United Bank for Africa Plc that halted international spending on Naira cards while the Central Bank of Nigeria launched a N65 per dollar rebate scheme to lure exporters to Investors and Exporters forex window. On Tuesday, the First Inland Revenue Service announced a one-month concession to allow companies with dollar tax liabilities to pay in Naira due to forex scarcity. All these point to one thing, there is no forex.
As stated in my UBA article, “Given that the announcement was made on the day Russia attacked Ukraine and bolstered global risk to the highest level in recent years, UBA may be responding to possible forex challenges that lie ahead, especially with Nigeria’s inability to capitalise on the current rise in global oil prices due to her weak oil production infrastructures.”
Zenith Bank, however, concluded with “If you have higher international spending requirements, simply visit any of our branches and request for a foreign currency debit or prepaid card, which are available in US Dollar, Pounds and Euro variants.”
Zenith Bank Signs MOU With CFA Institute to Develop Finance and Investment Professionals
Zenith Bank Plc has signed a Memorandum of Understanding (MoU) with the Chartered Financial Analyst (CFA) Institute to promote efforts and activities that support the formation, training, and updating of human capital in finance and investment for the overall development of the Nigerian financial services sector.
The MoU, was signed by the Group Managing Director/CEO of Zenith Bank Plc, Dr. Ebenezer Onyeagwu; the President/CEO of the CFA Institute, Margaret Franklin; and the President of CFA Society Nigeria, Ibukun Oyedeji on Tuesday, November 28, 2023.
Speaking at the MoU signing ceremony, the Group Managing Director/CEO of Zenith Bank Plc, Dr. Ebenezer Onyeagwu commended the CFA Institute and the CFA Society, Nigeria for their laudable programmes in developing finance and investment professionals in Nigeria.
According to him, your Women in Investment Management Initiative, CFA Institute Research Challenge, CFA Society Nigeria Ethics Challenge and University Affiliation Program are very laudable, and Zenith Bank will continue to partner with the CFA Institute and the CFA Society Nigeria to ensure that young finance and investment professionals get the needed support for their career development.
In his words, “As a good corporate citizen, Zenith Bank remains committed to furthering the economic, cultural and social development of the society. As such, we continue to support projects and initiatives that have long-term social and economic benefits for our various publics and stakeholders. Partnering with the CFA Institute and the CFA Society Nigeria is therefore a demonstration of our commitment to building professional excellence in the finance services industry in Nigeria”.
At the CFA Institute Africa Investment Conference, during the ‘Journey to the Top: A Discourse with CEOs’ segment, Dr. Onyeagwu inspired future finance and investment professionals to uphold the highest standards of integrity.
He stressed the importance of making difficult yet high-quality decisions, building robust networks, and dedicating themselves to hard work for career success.
In his words, “as upcoming professionals, the opportunities are immense for you. Africa doesn’t get bigger than Nigeria. There is scarcity of the right kind of people that have the talent, that have the character and the leadership to provide leadership in organizations. Make a decision to be one of those, make a decision to be different. You must be driven by your passion; you must delay gratification. In Zenith what is driving us is the strive for excellence. It is not about who you are and where you come from. We have the best class of talents you can think of anywhere in the world.”
He assured the young finance and investment professionals that Zenith Bank will offer immediate employment opportunity to CFA Charter Holders and those who qualify as Chartered Accountants.
Also speaking on the MoU, the President/CEO, CFA Institute, Margaret Franklin reiterated the Institute’s commitment to the professional development of students and upcoming professionals.
In her words, “there are many things that we do for students, we invest heavily in students and why is that? Because they are our future. The mission of the CFA Institute is to lead the investment industry with the highest standards of ethics, education and professional excellence for the ultimate benefit of society and that starts with our CFA programme”.
She commended Zenith Bank for its continued support to the CFA Society Nigeria and sponsorship of the CFA Institute Research Challenge over the years.
She also commended the bank for being one of the top employers of CFA members in the country. She expressed her admiration of the culture of excellence in Zenith Bank.
Also speaking at the MoU signing ceremony, the President of CFA Society Nigeria, Ibukun Oyedeji commended Zenith Bank for its partnership with CFA Society Nigeria and its commitment to the development of young finance professionals in the country.
The the CFA Institute Africa Investment Conference is being hosted by the CFA Institute and CFA Societies from Ghana, East Africa, South Africa and Mauritius. The conference has representatives from over 20 universities in Nigeria (members of their investment clubs being supported by CFA Society).
FirstBank UK Enhances Fixed-Income Workflow Through Bloomberg Integration
FirstBank UK, the UK subsidiary of First Bank Nigeria Limited, has announced its onboarding on Bloomberg’s Trade Order Management System (TOMS) to enhance its fixed-income workflow.
The integration with TOMS is expected to provide FirstBank UK with access to a comprehensive suite of data and analytics, communications, order, and execution management solutions, streamlining its fixed-income bonds business.
As a niche market-maker for its customers in Africa, FirstBank UK plays a vital role in providing market liquidity in cash bonds, particularly in Nigerian, Angolan, Egyptian, and Ghanaian Eurobonds, to manage risk and optimize its inventory.
Olukorede Adenowo, CEO-designate at FirstBank UK, expressed enthusiasm about the integration, stating, “Bloomberg TOMS provides FirstBank UK with a complete end-to-end trading workflow covering African bonds in most of our home markets. The solution enables us to focus on expanding our footprint in the African Fixed Income landscape and deliver a first-in-kind service to our customers in Africa.”
Bloomberg’s TOMS is renowned for enhancing operational efficiency across enterprises. Lisa Bravo, Global Head of Sell-Side OMS at Bloomberg, commented, “We are pleased to help FirstBank UK enhance operational efficiency across its enterprise with our award-winning sell-side order management solution TOMS.”
FirstBank UK had previously digitized its order management workflow by offering clients access to liquidity on its Eurobond Single-Dealer Platform.
The recent integration with Bloomberg TOMS aims to centralize order handling, aggregated custom analytics, and liquidity tools within a single interface, facilitating real-time access to liquidity for customers.
Robert Hagenaars, Head of Markets at FirstBank UK, highlighted the unique feature of real-time access to liquidity in their markets, providing a distinct advantage for their customers.
This move signifies FirstBank UK’s commitment to leveraging advanced technological solutions to fortify its position in the African Fixed Income market and deliver enhanced services to its clientele.
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