Connect with us

Finance

Naira Falls Against US Dollar on Wednesday

Published

on

naira
  • Naira Falls Against US Dollar on Wednesday

The Nigerian Naira depreciated against the United States dollar on Wednesday at the Investors’ window in Lagos.

The Naira exchanged at N363.54 to a dollar at the investors’ window, weaker when compared to the N363.32 it traded on Tuesday.

At the official market, the local currency closed at N306.6 to a US dollar.

On the parallel market, the naira was traded at N360.50 to a US dollar, while the Pound Sterling and the Euro were exchanged at N480 and N418, respectively.

Bureau De Change operators exchanged the currency at N360 to a US dollar, the exact rate it traded on Tuesday.

While both the pound and the Euro were exchanged at same N480 and N418.

The Naira remained fairly stable amid growing concern over the national election and falling external reserves.

The external reserves drop to $42.3 billion from $47 billion recorded in May on lower than expected capital importation.

Still, while the central bank has maintained intervention at the various forex windows, the reserves have dropped over $4 billion in the last three months.

Therefore, businesses and investors are worried about the central bank’s ability to support economic activities amid falling external reserves and unstable commodity outlook.

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