Connect with us

Money Market

CBN Governor, Others Appreciate President Buhari For His Unflinching Support To Deliver Redesigned Banknotes

Published

on

CBN Governor, Others Appreciate President Buhari For His Unflinching Support To Deliver Redesigned Banknotes

Olushola Okunlade Writes

The Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele has expressed gratitude to Nigeria President, Muhammadu Buhari GCFR, for his unflinching support to the Bank and the capacity of the Nigerian Security Printing and Minting Company (NSPMC) to deliver the redesigned banknotes.

In his remarks, the Governor of CBN, Godwin Emefiele, thanked the President for his unwavering support for the redesign and distribution of the new notes, which he said will control inflation, make policies more effective, ensure financial inclusion and fight corruption.

The CBN Governor also noted that by international best practice, the redesign of notes should be every five to eight years, and the currency in circulation had been in usage for 19 years, with spiraling challenges on the economy, especially on security and counterfeiting.

Mr. Emefiele also appreciated President Buhari for his insistence that the initial notes must be designed and produced within the country, further placing confidence in Nigerian Security Printing and Minting.

“Mr. President, only a President of your esteemed and incorruptible stature could have done what we are witnessing today,’’ he added.

The CBN Governor listed the benefits of the redesigned naira notes to include enhanced security, greater durability, attractiveness and promotion of rich cultural heritage.

Money Market

FirstBank Opens Saturday, Sunday Nationwide To Deposit Old Naira Notes Till January 31 Deadline

Published

on

Written By Olushola Okunlade

In line with FirstBank’s drive to always put YouFirst (customers), the bank branches nationwide will be open this Saturday, 28 January 2023, and Sunday, 29 January 2023 to deposit your old Naira notes from 10:00 am – 2:00 pm.

The bank said there will be no charges for cash returned/paid into customers’ accounts. All old Naira notes of series N200, N500, and N1000 will cease to be accepted as legal tenders from 31 January 2023 as CBN instructed.

Against the race to beat the deadline given by the Central Bank of Nigeria (CBN) for old naira notes to be returned to banks, making way for the circulation of the redesigned N200, N500, and N1,000 notes, FirstBank announced that it will run weekend operations.

The bank said its branches nationwide will be open to receive and change old naira notes, in a bid to help their customers beat the January 31 deadline.

The CBN introduced sensitization campaigns to ensure that rural dwellers meet the deadline. The apex bank has sent agents to remote places across the country to help those who lack access to financial inclusion swap their old naira notes for new ones.

The Bank will continue to accept old Naira notes till the close of business on 31 January 2023.

For more inquiries, please contact FirstContact, our 24/7 contact centre on 0700FIRSTCONTACT (0700-347782668228), +234-01-4485500+234-0708-062-5000 or send an email to firstcontact@firstbanknigeria.com.

Continue Reading

Money Market

Union Bank Reiterates Support For Small Businesses At BusinessDay Top 100 SME Conference

Published

on

Union Bank Reiterates Support For Small Businesses At BusinessDay Top 100 SME Conference

By Moninuola Sulaiman

Leading financial institution, Union Bank of Nigeria (UBN), has reiterated its support for Small and Medium-sized Enterprises in the country to drive increased growth and development.

This commitment was made during the recently held ‘Top 100 Fastest Growing SMEs in Nigeria’ conference hosted by BusinessDay newspaper.

The event themed ‘How SMEs can thrive in an age of volatility’ was well attended by various stakeholders in the SME sector, including entrepreneurs, industry experts, start-ups, and financiers. The event had different panel sessions to discuss the multiple problems facing SMEs in Nigeria.

Speaking on the Funding for SMEs panel, Ayokunnumi Abraham, Head, Small and Medium-sized Enterprises (SME) Products & Segments Union Bank, said SMEs need to pay attention to capacity building and keeping proper financial records.

According to him: “SMEs must focus on building capacity and developing the necessary skills to increase their expertise if they hope to succeed in this volatile age. SMEs also need to embrace technology and digital tools as an enabler for business growth while ensuring their books and records are organised if they hope to attract funding from the right financial partner.”

BusinessDay newspaper presented Union Bank with The SME Financier of the Year award in Nigeria at the awards ceremony held that same evening in recognition of the bank’s efforts to support and promote the growth of the SME sector in the country.

Union Bank Reiterates Support For Small Businesses At BusinessDay Top 100 SME Conference
Left-Right: Linda Ochugba, Digital Sales Manager, BusinessDay Media; Ayokunnumi Abraham, Head, Small & Medium-sized Enterprises (SME) Products & Segments Union Bank; Frank Aigbogun, Publisher/CEO, BusinessDay Media; Olufunmilola Aluko, Head, Corporate Communication & Marketing, Union Bank; and Chima Nwaubani, Brand Manager, Union Bank at the BusinessDay Top 100 Fastest Growing SMEs Conference recently held in Lagos, Nigeria.

Know More About Union Bank Plc: Established in 1917 and listed on the Nigerian Stock Exchange in 1971, 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 recognisable 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. In addition, 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

Discontinuation of Acquisition of Sidian Bank Stands – Access Bank

Published

on

However, according to Access Bank; “The completion of the proposed transaction is subject to fulfilment or waiver of certain conditions before the Long Stop date as defined in the transaction agreement.”

By Moninuola Sulaiman

Access Bank Plc, a leading financial institution has announced that it has discontinued its acquisition of Sidian Bank Limited.

It would be recalled that Access Holdings Plc, trading as Access Corporation (‘the Corporation’) on June 8, 2022, announced that its flagship subsidiary, Access Bank Plc (‘the Bank’) has entered into a binding agreement with Kenyan-based Centum Investment Plc (‘Centum’) for the acquisition of the entire 83.4% shareholding held by Centum in Sidian Bank Ltd. (‘Sidian’).

However, according to Access Bank; “The completion of the proposed transaction is subject to fulfillment or waiver of certain conditions before the Long Stop date as defined in the transaction agreement.”

“Although regulators have all been supportive in engagements around the transaction, certain conditions precedent needed to prudently complete the transaction have not been met and the parties were unable to reach an agreement on the variation of these conditions in a manner to deliver the desired outcome for the parties.

Consequently, we hereby notify the Nigerian Exchange Limited (NGX) and the investing public that the Sidian Bank acquisition will no longer be completed by the Bank.

The Bank however remains committed to growing its franchise in a safe and sound manner in Kenya and the broader East African Community and will continue to explore a variety of organic and inorganic opportunities to grow its market share therein.

Continue Reading

Trending