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Nigerian Central Bank Leaves Interest Rate Unchanged at 14%

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The Central Bank of Nigeria (CBN) left the official cash rate unchanged on Tuesday, as the apex bank seeks to support the falling Naira and attack surging inflation while propping up the economy simultaneously.

The Monetary Policy Committee, led by the CBN Governor Godwin Emefiele left the benchmark rate at 14 percent, according to the Governor on Tuesday in Abuja, Nigeria. That was against most analysts call for monetary expansion.

The governor explained that while challenges in the economy remain, that monetary policy alone cannot sustain growth. Lowering interest rates is not advisable and the decision will help limit inflation.

Nigeria’s inflation rose to 17.6 percent in August, it highest in 11 years, following the continuous fall in global oil prices that has erased about 40 percent of Naira’s value against the dollar. The CBN had earlier unpegged the currency on June 20 in an effort to lure foreign investors into the country to offset deficit created by forex scarcity.

Unfortunately, increase in global risks and uncertainties due to the Britons decision to leave the European Union three days later impacted the policy and further plunged the Naira against the dollar.

The economy contracted by 2.06 percent in the second quarter, from -0.36 percent in the first quarter and on track to record its first full-year contraction in 25 years.

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.

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Remove Face Mask When Using ATM, Banks Tell Customers

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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.”

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Access Bank in Talks to Acquire Cavmont Bank

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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.

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Mohammed Umar is the New Acting Chairman of EFCC

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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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