CBN: Currency in circulation hits N2.426trn in September

CBN, Currency in Circulation, DMBs, Naira

Currency in circulation (CIS) rose by N56.44 billion in one month from N2.369 trillion as of the end of August to N2.426 trillion as of the end of September, the Central Bank of Nigeria has revealed. The latest report on CIC released by the apex bank on Wednesday showed that the figure, which stood at N2.35 trillion as of the end of May, rose to N2.39 trillion as of the end of July. The currency-in-circulation on quarter-on-quarter basis fell by 6.0 per cent to N2.29 trillion at the end of…

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Heritage Bank begins fresh exercise for SPW’s 774,000 participants

Heritage Bank Standard

Heritage Bank Plc is set to commence the account opening with Bank Verification Numbers (BVN) for the earmarked 774,000 participants of the Special Public Work (SPW) programme in their branches, throughout the 774 Local Government Areas. The participants are to be paid an allowance of N20, 000 only, monthly and the programme is to kick off from November 1, 2020, while a total of 129 LGAs have been assigned to Heritage Bank Plc. The SPW is a post-COVID-19 poverty alleviation initiative, approved by President Muhammadu Buhari and the Federal Ministry…

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Union Bank issues statement on $40m IFC deal

Union Bank issues statement on $40m IFC deal

Union Bank of Nigeria has intimated the Nigerian Stock Exchange (NSE) and the investing public on its recent finance deal with the International Finance Corporation (IFC). The IFC, a member of the World Bank Group, had recently announced a $40 million finance guarantee facility to Union Bank to boost access to finance for local business, enable increased international trade for Nigeria. The US$40 million facility, under IFC’s Global Trade Finance Program (GTFP), will support Union Bank to establish working partnerships with nearly 300 major international banks within the GTFP network,…

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CSW: UBA says innovation, optimisation of banking platforms key to customer satisfaction

United Bank for Africa (UBA) has emphasised that t satisfy customers, innovation, optimisation and upgrading of banking platforms must come to play. The Pan-African financial institution explained this in the spirit of ongoing Customer Service Week (CSW) at a virtual media parley on Wednesday. Speaking at the online forum, Alex Alozie, UBA’s Head of Operations, explained that the bank has intensified its focus on putting the customer first whilst still reaffirming its leadership position. Alozie said that in line with this year’s theme, the ‘Dream Team’, which embodies UBA’s core…

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Senate probes Nigerian banks over illicit, excessive charges

CBN condemns airlines, shipping firms for violating export procedures

The Nigerian Senate has directed its Committee on Banking, Insurance and Other Financial Institutions to investigate allegations of illicit and excessive charges by deposit money banks in the country. The Senators also urged the Central Bank of Nigeria (CBN) to look into complaints of Nigerians in this regard, and possibly review downward all bank charges on account holders. The resolutions followed the consideration of a motion sponsored by Senator Patrick Abba Moro, who noted several complaints from Nigerians over illicit and excessive charges by Nigerian banks on their customer accounts.…

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CBN condemns airlines, shipping firms for violating export procedures

CBN condemns airlines, shipping firms for violating export procedures

The Central Bank of Nigeria (CBN), on Tuesday, expressed dismay over the non-compliance with the provisions of its circular on compliance with export procedures by shipping and airline companies, especially regarding processing Bills of Lading and Airway Bill in respect of exports from the country. The circular referenced TED/FEM/FPC/GEN/001/008, drew attention to provisions of an earlier circular: TED/FEM/FPC/GEN/01/009, dated June 6, 2017 requiring that such bills should carry the Form NXP number in respect of the underlying cargos. The circular addressed to all banks the Nigerian Customers Service, Nigerian Shippers’…

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FirstBank disburses over N17bn loans through FirstAdvance

FirstBank adesola adeduntan

First Bank of Nigeria Limited, has revealed it disbursed over N17 billion loans through through FirstAdvance, its digital lending solution. According to Nigeria’s leading financial inclusion services provider, FirstAdvance is designed to offer a convenient and easy access to cash for salary earners whose accounts are domiciled with FirstBank and have received regular salaries for two months, prior to the loan request. In barely a year since the launch of FirstAdvance, FirstBank said over 128,000 unique customers in over 782,996 successful transactions have so far benefitted from loans. Processing a…

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UBA’s financial outlook is stable, says Fitch Ratings

UBA leads consortium to stake $1.5bn on NNPC, NPDC’s project

Fitch Ratings has affirmed United Bank for Africa (UBA) Plc’s ratings, including the Long-Term Issuer Default Rating (IDR) at ‘B’, and removed them from Rating Watch Negative (RWN). According to the London-based agency in a report released on Monday, the outlook is stable for the pan-African financial institution. The removal of the RWN on UBA’s Long-Term IDRs, Viability Rating (VR) and National Ratings reflects Fitch’s view of receding near-term risks to the bank’s credit fundamentals from the economic fallout arising from the oil price crash and coronavirus pandemic. “In our…

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Fitch Affirms Zenith Bank at ‘B’; Off Rating Watch Negative, Outlook Stable

Investors stake N3.83bn on Zenith Bank’s shares on Monday

Fitch Ratings has affirmed Zenith Bank Plc’s Long-Term Issuer Default Rating (IDR) at ‘B’ and removed it from Rating Watch Negative (RWN). The Outlook is Stable. A full list of rating actions is below. The removal of the RWN on Zenith’s Long-Term IDR, Viability Rating (VR) and National Ratings reflects Fitch’s view of receding near-term risks to the bank’s credit fundamentals from the economic fallout arising from the oil price crash and coronavirus pandemic. In our opinion the impact of the economic downturn on Zenith’s credit profile is tolerable at…

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Fitch Affirms FBN Holdings Plc at ‘B-‘; off RWN; Outlook Negative

Fitch Affirms FBN Holdings Plc at 'B-'; off RWN; Outlook Negative

Fitch Ratings has affirmed the Long-Term Issuer Default Ratings (IDRs) of FBN Holdings Plc (FBNH) and its primary operating subsidiary, First Bank of Nigeria Ltd (FBN), at ‘B-‘, and removed them from Rating Watch Negative (RWN). The Outlooks are Negative. The removal of the RWN from FBNH’s and FBN’s Long-Term IDRs, Viability Ratings (VRs) and National Ratings reflects Fitch’s view of receding near-term risks to the bank’s credit fundamentals from the economic fallout arising from the oil price crash and coronavirus pandemic. In our opinion the impact of the economic downturn on FBNH’s and…

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