Connect with us

Money Market

Why CBN Is Redesigning New Naira BankNotes – Godwin Emefiele

Published

on

Governor, Central Bank of Nigeria (CBN), Mr Godwin Emefiele, on Monday said the management of the apex bank would soon be meeting with the Nigerian National Petroleum Company Limited (NNPC) and the Ministry of Finance Budget and National Planning to work out ways of immediately resolving the fuel scarcity imbroglio, now impacting prices of goods and services. Emefiele, who stated this at the 141th Monetary Policy Committee (MPC) meeting in Abuja, also said that the members of the policy committee voted to retain all monetary policy parameters, including the Monetary Policy Rate (MPR) at 11.5 per cent; asymmetric corridor of +100/-700 basis points around the MPR; the CRR at 27.5 per cent; and Liquidity Ratio at 30 per cent. Become a partner with USA companies, promote their offers and get paid in US Dollars weekly, Nigerians are earning about $465 weekly. Click here to see how you too can get paid . According to Emefiele, the Russia-Ukraine crisis has dealt a devastating blow on the energy sector, leading to supply shortages across the globe. He said the MPC was particularly worried about the rising crude oil theft in Nigeria, which is worsening the energy crisis and preventing Nigeria from meeting it’s production quota. 100% Natural Herbs to Finally End Premature Ejaculation, Weak Erection and Small Manhood. >>>Click Here for Details

Full Speech of CBN Governor Godwin Emefiele’s statement on the issuance of new naira banknotes

Olushola Okunlade Writes

The Central Bank of Nigeria’s Governor, Mr. Godwin Emefiele has laid emphasis on the issuance of new naira banknotes while briefing the newsmen.

Read the full statement here:

Good afternoon Ladies and Gentlemen, and welcome to this special press briefing of the Bank. We have called this gathering to inform relevant stakeholders and the general public of persisting concerns we are facing with the management of our current series of banknotes, and currency in circulation, particularly those outside the banking system in Nigeria.

As you all may be aware, currency management is a key function of the Central Bank of Nigeria, as enshrined in Section 2 (b) of the CBN Act 2007. Indeed, the integrity of a local legal tender, the efficiency of its supply, as well as its efficacy in the conduct of monetary policy are some of the hallmarks of a great Central Bank.

In recent times, however, currency management has faced several daunting challenges that have continued to grow in scale and sophistication with attendant and unintended consequences for the integrity of both the CBN and the country. These challenges primarily include:

Significant hoarding of banknotes by members of the public, with statistics showing that over 80 percent of currency in circulation are outside the vaults of commercial banks;

Worsening shortage of clean and fit banknotes with attendant negative perception of the CBN and increased risk to financial stability;

Increasing ease and risk of counterfeiting evidenced by several security reports.

Indeed, recent development in photographic technology and advancements in printing devices have made counterfeiting relatively easier. In recent years, the CBN has recorded significantly higher rates of counterfeiting especially at the higher denominations of N500 and N1,000 banknotes.

Although global best practice is for central banks to redesign, produce and circulate new local legal tender every 5–8 years, the Naira has not been redesigned in the last 20 years.

On the basis of these trends, problems, and facts, and in line with Sections 19, Subsections a and b of the CBN Act 2007, the Management of the CBN sought and obtained the approval of President Muhammadu Buhari to redesign, produce, and circulate new series of banknotes at N200, N500, and N1,000 levels.

In line with this approval, we have finalized arrangements for the new currency to begin circulation from December 15, 2022. The new and existing currencies shall remain legal tender and circulate together until January 31, 2023 when the existing currencies shall seize to be legal tender.

Accordingly, all Deposit Money Banks currently holding the existing denominations of the currency may begin returning these notes back to the CBN effective immediately. The newly designed currency will be released to the banks in the order of First-come-First-serve basis.

Customers of banks are enjoined to begin paying into their bank accounts the existing currency to enable them withdraw the new banknotes once circulation begins in mid-December 2022. All banks are therefore expected to keep open, their currency processing centers from Monday to Saturday so as to accommodate all cash that will be returned by their customers.

For the purpose of this transition from existing to new notes, bank charges for cash deposits are hereby suspended with immediate effect. Therefore, DMBs are to note that no bank customer shall bear any charges for cash returned/paid into their accounts.

Members of the public are to please note that the present notes remain legal tender and should not be rejected as a means of exchange for purchase of goods and services.

We would like to use this opportunity to reassure the general public that the CBN would continue to monitor both the financial system in particular, and the economy in general, and always act in good faith for the achievement of the Bank’s objectives and the betterment of the country.

I thank you for listening.

Godwin I. Emefiele

Governor 

Money Market

Polaris Bank Promotes SMEs, Sponsors The Fashion Souk

Published

on

Valentine Season: Polaris Bank Excites Existing, Prospective Customers With Mouthwatering Rewards

…as The Fashion Souk holds December 3 and 4, 2022

Polaris Bank has reaffirmed its commitment to support the growth of Small and Medium Enterprises (SMEs) in Nigeria.

The Bank in a statement gave this assurance while disclosing plans to sponsor The Fashion Souk 7.0.

The statement further noted that 3 successful entrepreneurs who emerge winners in a business pitch at the event will go home with N1million, N500,000, and N250,000 for the overall winner, first runner-up, and second runner-up respectively.

The two-day event, which is organised in partnership with Nigeria’s foremost event management company, EVENTFUL Limited is scheduled to hold on Saturday 3rd and Sunday 4th of December 2022, at Harbour Point, Victoria Island, Lagos.

Speaking on behalf of Polaris Bank, the Group Head, Strategic Brand Management, Nduneche Ezurike, said that “Fashion and style enthusiasts can once again look forward to experiencing unparalleled fashion moments from Nigerian entrepreneurs.”

Mr. Ezurike noted that “As a SMEs-friendly Bank, it is always our delight to explore opportunities to grow Nigeria’s Small and Medium Enterprises. Polaris Bank’s lead sponsorship of the 7th edition of The Fashion Souk, underscores our acknowledgment of the SMEs as the catalyst for Nigerian’s economic growth.”

Continuing, he noted that “this year’s Fashion Souk is unique as it provides an opportunity for the yuletide holidaymakers with an unforgettable shopping experience as visitors will behold the creativity of the Nigerian entrepreneurs, especially in the beauty and fashion space.”

Mr. Ezurike further stated that Polaris Bank’s continued partnership with EVENTFUL Limited stimulates the entrepreneurial spirit of many Nigerians, especially the new-age innovators in the key sectors of the national economy. He commended Eventful Ltd for visibly showcasing the enterprise amongst Nigerians.

Commenting on the essence of the SOUK, Founder and Chairman of Eventful and Convener of the Fashion Souk, Yewande Zaccheaus, said: “Eventful Limited has been deliberate in using the platform of The Fashion Souk to create the much-needed road to market for budding fashion entrepreneurs whilst also expanding the target market of the more established designers. “We are proud to once again contribute to the growth of the nation’s economy,” she added.

More than 160 SMEs in Nigeria’s fashion industry, ranging from manufacturers to designers and retailers in clothing, kids’ fashion, textiles, jewelry, accessories, hats, bags, shoes, and lingerie, are billed to showcase their creativity and product lines at the Fashion Souk.

According to December 2021 industry report, the Sub-Saharan African fashion market is worth $31 billion, with Nigeria holding an expanding share of 15 percent.

In line with its SME focus, Polaris Bank has partnered with and supported businesses in critical sectors of the Nigerian economy, including health, education, manufacturing, agriculture, export, and others. The Bank has advanced credits and indeed, provided close to N70billions to Micro, Small, and Medium Enterprise (MSMEs) from January 2021 till date.

Following the Bank’s recent strides in supporting SMEs and MSMEs, the prestigious BusinessDay’s Banks and Other Financial Institutions (BAFI) Awards named Polaris Bank the MSME Bank of the Year 2022.

Polaris Bank, adjudged Digital Bank of the Year 2021 and 2022, is a future-determining Bank committed to delivering industry-defining products for individuals and businesses

Continue Reading

Money Market

Union Bank Unveils Brand New Sonic Identity – The Sound Of Union

Published

on

Union Bank Unveils Brand New Sonic Identity – The Sound Of Union

By Moninuola Sulaiman

Union Bank of Nigeria launched a sonic identity tagged ‘The Sound of Union. At 105 years, the Bank is now leveraging the universality of music to engage with new and existing audiences through this unique sound identity.

The Bank tapped prolific and award-winning music producer Tee-Y Mix, to create a timeless sound and interpret it across multiple genres for today’s and tomorrow’s generations.

Speaking about The Sound of Union during the official Twitter Space unveiling, Ogochukwu Ekezie-Ekaidem, Chief Brand and Marketing Officer, at Union Bank, spoke about why the Bank is unveiling the sound identity at this time. She said: “Over the past couple of years, Union Bank has gone through significant evolution, and as a team, we are constantly thinking of ways to connect with our audiences – new and existing.

At 105 years, we are entering a new era of identity and the Sound of Union represents a milestone for us. We have produced a distinct tone and instrumental melody spanning five music genres drawing on our local culture to connect with audiences across different geographical zones. We believe we are the first Nigerian bank to create an identity using sound, and not just a one-off jingle or payoff. This launch underscores our commitment to providing the simplest and smartest solutions while offering the best experience for our customers.”

Union Bank Unveils Brand New Sonic Identity – The Sound Of Union

To launch the sound identity, Union Bank has partnered with Boomplay to release an EP that will include the melody’s five genres, making the EP available exclusively to Boomplay subscribers for a period before it is available on other platforms.

Also commenting during the Twitter Space, about the audio distribution partnership between Union Bank and Boomplay, James Afuwape, Marketing Manager at Boomplay said: “Boomplay is the largest and fastest-growing streaming platform in Africa, and we are passionate about building and sustaining the music culture and consumption in Africa. We do this by leveraging partnerships and collaborations and this one with Union Bank was one we couldn’t pass up on. The Sound of Union is a unique project, and we are honoured to use our platform to help amplify the sound.”

The Sound of Union EP is now streaming exclusively on Boomplay. Click here to listen

Know More About Union Bank Plc: Established in 1917 and listed on the Nigerian Stock Exchange in 1971 now Nigerian Exchange Limited (NGX), Union Bank of Nigeria Plc. is a household name and one of Nigeria’s long-standing and most respected financial institutions. The Bank is a trusted and recognizable brand, with an extensive network of over 300 branches across Nigeria.

The Bank currently offers a variety of banking services to both individual and corporate clients including current, savings, and deposit account services, funds transfer, foreign currency domiciliation, loans, overdrafts, equipment leasing, and trade finance. The Bank also offers its customers convenient electronic banking channels and products including Online Banking, Mobile Banking, Debit Cards, ATMs, and POS Systems.

Continue Reading

Money Market

Stanbic IBTC Bank Nigeria PMI® – New Order Growth Hits Six-Month High In November

Published

on

By Moninuola Sulaiman

…Faster rises in output and new orders

…Inflationary pressures remain elevated

…Business confidence at a survey-record low

By Moninuola Sulaiman

Business conditions continued to improve markedly in the Nigerian private sector during November amid improving demand and higher customer numbers.

In turn, firms expanded their purchasing activity and employment. That said, business confidence dropped to the lowest since the survey began in January 2014. Meanwhile, inflationary pressures remained elevated, often reflecting currency weakness.

The headline figure derived from the survey is the Purchasing Managers’ Index™ (PMI®). Readings above 50.0 signal an improvement in business conditions in the previous month, while readings below 50.0 show a deterioration.

The headline PMI rose to 54.3 in November from 53.6 in October, pointing to a solid monthly improvement in business conditions in the Nigerian private sector. The health of the private sector has now strengthened in 29 successive months, with the latest improvement the most pronounced since April.

New business increased at the fastest pace in six months amid reports of stronger demand and higher customer numbers. Companies responded to rising demand by increasing their business activity accordingly. Output has now risen in each of the past five months.

Marked increases in activity were seen across each of the four broad sectors covered by the survey. New order growth also encouraged companies to expand their employment and purchasing activity midway through the final quarter of the year.

Staffing levels increased for the twenty-second month running and at the fastest pace since August. Meanwhile, the rate of growth in purchasing activity was the steepest in four months. Similarly, inventories also expanded at a marked pace.

Purchase costs rose at a sharper pace as the weakness of the Nigerian naira against the US dollar exacerbated rising raw material prices. Staff costs were also up, linked both to higher staffing levels and efforts to motivate workers by increasing wages.

The passing on of higher input costs to customers meant that output prices also increased markedly, with the rate of inflation quickening to a three-month high.

Despite the generally positive picture for output and new orders in November, business confidence continued to decline. Optimism dropped for the fourth successive month and was the lowest since the survey began in January 2014. Those firms that were confident in the year-ahead outlook for output mentioned business expansion plans and hopes for a further strengthening of demand.

Continue Reading

Trending