Connect with us

Finance

CBN Sells Another $250m to Prop up Naira Value

Published

on

interbank
  • CBN Sells Another $250m to Prop up Naira Value

The central bank of Nigeria on Monday sold another $250 million to reduce market illiquidity and prop up the Naira value.

The Acting Director, Corporate Communications Department, CBN, Mr. Isaac Okorafor, said $100 million was injected into the interbank market, while both the Small and Medium Enterprises and Invisible segments were appropriated $85 million and $65 million respectively.

Okorafor further stated that the apex bank would inject more liquidity into the foreign exchange market in the coming days, noting that the intervention was necessary to enhance Naira stability by ensuring that pressures on the market from those seeking forex for school fees and vacation were eased.

The Naira improved by N3 from N370 per US dollar to N367 on the parallel market.

On the Investors’ window, the local currency closes at N359.58 against the US dollar, better than the N366.79 recorded on Friday.

Also, the Naira remain moderately stable against the British pound and the Euro-single currencies, traded at N478 and N433 respectively.

Traders were optimistic that the Naira would remain stable in the days ahead.

“While intermittent intervention is imperative to forex stability, reviving the manufacturing sector through the federal government diversification agenda remains key to long term sustainability and economic growth,” said Samed Olukoya, a foreign exchange research analyst at Investors king Ltd.

Inflation rate declined for a sixth consecutive month in July to 16.05 percent from 16.10 percent in June. The lowest since July 2016.

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 long experience in the global financial market.

Continue Reading
Comments

Finance

Remove Face Mask When Using ATM, Banks Tell Customers

Published

on

face mask

Face Mask May Cause ATM Transaction Failure, Banks Tell Customers

Deposit Money Banks have said due to their face recognition technology, customers wearing face masks may experience service failure while using the Automated Teller Machines (ATMs).

In an email issued to customers by Fidelity Bank, the bank said why the use of face masks is important to curb the spread of COVID-19 pandemic, customers should remove when performing ATM transactions.

The bank said “Wearing of face masks is a safety and precautionary measure we must all adhere to in this period of the COVID-19 pandemic.

“However, we advise that you remove your face mask while making withdrawals or carrying out ATM transactions to allow our ATM properly recognise you.

“Fidelity Bank ATM machines have face detection features installed to curb incidences of fraudulent ATM withdrawals.

“Consequently, you may not be able to carry out any transaction if our ATMs are not able to properly recognise you. We apologise for the inconvenience that this may cause you.”

Meanwhile, Guaranty Trust Bank plc continues to ease accessibility for all customers and advised customers to protect themselves.

GTBank said, “When visiting any of our branches, kindly protect yourself by wearing a face mask at all times. It is also very important that you keep a safe distance when in a queue inside or outside the branch.

“Before visiting any of our branches, please remember that you can withdraw up to N150,000 at all our ATMs and that you can do most of your banking from the safety of your home.”

Continue Reading

Finance

Access Bank in Talks to Acquire Cavmont Bank

Published

on

Access bank

Access Bank to Acquire Cavmont Bank in Zambia

Access Bank Plc on Wednesday announced that its wholly-owned subsidiary in Zambia, Access Bank Zambia Limited (Access Bank Zambia) is in talks to acquire Cavmont Bank Limited, a subsidiary of Cavmont Capital.

According to the statement signed by Mr. Sunday Ekwochi, Company Secretary, Access Bank and released on the Nigerian Stock Exchange website on Wednesday, the ongoing discussions is to acquire 100 percent of Cavmont Capital’s interest in Cavmont Bank.

However, the lender said “there can be no certainty that a transaction will be agreed, nor as to the terms of any such agreement.

“The completion of a transaction would be subject to formal regulatory approvals. Access Bank will be updating the market as appropriate and in accordance with its disclosure obligations.”

The lender, therefore, advised shareholders to exercise caution when dealing in Access Bank’s securities.

Investors King Ltd note: This announcement further threw more lights on the recent purchases of Access Bank’s shares by Herbert Wigwe, the Chief Executive Officer and Managing Director, Access Bank.

The CEO/MD purchased 7.532 million of Access Bank‘s shares in the last one month.

Continue Reading

Finance

Mohammed Umar is the New Acting Chairman of EFCC

Published

on

EFCC

Buhari Appoints Mohammed Umar as EFCC Acting Chairman

President Muhammadu Buhari has appointed, Mohammed Umar, the director of operations at the Economic and Financial Crimes Commission (EFCC), as the new Acting Chairman of the agency, according to the NAN.

A top official of the commission confirmed to NAN that Umar has taken charge of the agency following the suspension of Ibrahim Magu, the former acting Chairman.

Ibrahim Magu was suspended by the President on Tuesday following series of allegations bordering on frauds, financial misappropriations and abuse of power.

 

Continue Reading
Advertisement
Advertisement
Advertisement
Advertisement

Trending