- Naira Weakens Against Major Currencies
It was a bad outing for the Nigerian currency on Thursday at the parallel market as it weakened against all three major currencies, the News Agency of Nigeria (NAN) reports.
NAN reports that Naira lost three points to the dollar as it closed at N493 to a dollar, against N490 it traded on Wednesday.
Also, the Pound Sterling and the Euro exchanged for N595 and N506, respectively.
At the Bureau De Change (BDC) window, the Naira traded at N399 to a dollar, the Central Bank of Nigeria (CBN) controlled rate, while Pound Sterling and the Euro closed at N598 and N510 respectively.
The Naira, however, remained stable at the interbank window as it exchanged for N305.00 to a dollar.
Traders at the market said that liquidity challenge was far from being resolved.
In his comments, Alhaji Aminu Gwadabe, the President, Association of Bureau De Change Operators of Nigeria (ABCON), while decrying the spike in the exchange rate, commended the CBN for keeping it below N500 to a dollar.
Gwadabe said that the task of keeping the dollar below N500 and controlling the inflation rate was enormous, adding that the apex bank was doing its best.
The ABCON chief said that people who speculated or forecast on the continued depreciation of the Naira were doing so for their personal reasons.
NAN reports that the previous forecasts in 2016 on the ability of Diaspora remittances to cushion the pressures on the Naira did not materialise during the Yuletide.
Remove Face Mask When Using ATM, Banks Tell Customers
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.”
Access Bank in Talks to Acquire Cavmont 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.
Mohammed Umar is the New Acting Chairman of 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.
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