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CBN Governor Godwin Emefiele Briefs Diplomatic Corps On Currency Redesign; Sues For Understanding

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CBN Governor Godwin Emefiele Briefs Diplomatic Corps On Currency Redesign; Sues For Understanding

Central Bank of Nigeria Governor, Mr. Godwin Emefiele, briefs Diplomatic Corps on Currency Redesign; sues for understanding

Written by Olushola Okunlade

The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, on Tuesday, 14 February 2023, held meeting with Diplomatic Corps amid the Naira redesign policy that has caused chaos within the country.

The Apex bank statement released via its Twitter handle, Emefiele briefed the diplomats representing other countries within Nigeria. 

During the meeting, Emefiele reiterated the financial regulator’s stand against Naira hoarding, which is the major reason the CBN said it initiated the Naira redesign policy.

Recall that in October 2022, Emefiele disclosed that the currency in circulation was N3.3 trillion, however, the cash in circulation, which is outside the banking system is N2.7 trillion. 

Emefiele revealed that Nigerians are hoarding the N2.7 trillion, causing the CBN to spend more on currency production. 

To tackle those hoarding the Naira, Emefiele said the CBN would redesign the N200, N500, and N1,000 notes. The new banknotes were released in December 2022. 

Nigerians were given two months to deposit the old Naira notes to their various banks before January 31, 2023. The deadline was later moved to February 10, 2023. 

However, Nigerians depositing the old Naira notes at the banks have not been able to withdraw new currencies, as the CBN failed to print sufficient banknotes to meet demands. 

This has led to some Nigerians attacking the properties of banks, demanding their money. Also, bank officials have stopped wearing their uniforms to avoid attacks. 

While updating the diplomatic corps on Tuesday, CBN wrote in the statement, “Central Bank of Nigeria Governor, Mr. Godwin Emefiele, briefs Diplomatic Corps on Currency Redesign; sues for understanding. 

“CBN Governor, Godwin Emefiele warns against hoarding of currency notes; cautions that law enforcement agencies will arrest those who disrespect the Naira. 

“CBN Governor, Godwin Emefiele, restates Bank’s commitment to deepening cashless policy,” the financial regulator wrote in the post.

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Union Bank Reaffirms Commitment to Sustainability; Partners NCF To Commemorate World Environment Day 2023

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June 6, 2023

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Union Bank Reaffirms Commitment to Sustainability; Partners NCF To Commemorate World Environment Day 2023

Rashidat Okunlade Writes

As part of its continuous efforts to champion environmental responsibility and promote sustainable practices, the leading financial institution Union Bank of Nigeria partnered with the Nigerian Conservation Foundation (NCF) to celebrate World Environment Day 2023.

World Environment Day, observed annually on June 5th, is a global platform to raise awareness, and mobilise action towards pressing environmental issues.

The 2023 campaign #BeatPlasticPollution; Solutions to Plastic Pollution, calls for global solutions to combat plastic pollution.

Plastic pollution has become a global crisis, threatening our ecosystems, wildlife, and human well-being. This year’s World Environment Day aims to raise awareness and mobilise individuals, communities, and organisations to take action and make a positive impact on the environment by reducing their plastic consumption, embracing sustainable alternatives, and advocating for responsible plastic waste management.

To create awareness of environmental responsibility and encourage collective action, Union Bank employees, together with the Nigerian Conservation Foundation volunteered to educate students at Aguda Junior Grammar School, Surulere, Greg Girls Junior High School, Surulere, and Okun Ajah Community Senior Secondary School, Okun Ajah.

The students were educated on the detrimental effects of plastic pollution on the environment, highlighting the importance of reducing plastic consumption, reusing plastic, and practical tips for sustainable recycling. The Bank also donated waste bins to each school to encourage recycling and make it easier for students to do their part in reducing plastic waste.

Speaking on the Bank’s activities to mark World Environment Day, Union Bank’s Chief Brand and Marketing Olufunmilola Aluko said: “At Union Bank, we are resolute in our commitment to be a sustainability champion. This year’s focus on tackling the pervasive issue of plastic pollution resonates deeply with our commitment to environmental sustainability. We proudly partner with NCF to educate students on solutions to beat plastic pollution. By raising awareness and advocating for responsible plastic waste management, we can collectively and significantly preserve our planet for future generations.”

With its focus set on the future, Union Bank continues to lead the way in shaping a better, more sustainable future for generations to come.

 

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Iconic Encounter: Music Superstar Davido Meets Wema Bank’s New MD/CEO

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June 6, 2023

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Iconic Encounter: Music Superstar Davido Meets Wema Bank's New MD/CEO
In what will be recorded as a historic occasion in the worlds of entertainment and finance, globally acclaimed Nigerian music artist, Davido met with Wema Bank’s Managing Director and Chief Executive Officer, Moruf Oseni, to explore opportunities for collaboration and transformation between the finance and entertainment industries.
The momentous meeting of minds took place at the bank’s headquarters in Marina, Lagos and according to Oseni, signifies the convergence of visionary leadership, creative brilliance, and a shared commitment to innovation. Wema Bank Plc, a leading financial institution in Nigeria, recently welcomed a new Managing Director, injecting fresh perspectives and a dynamic vision into the organization.

Iconic Encounter: Music Superstar Davido Meets Wema Bank's New MD/CEO

Left-Right: Executive Director, Retail and Digital Bank, Wema Bank, Tunde Mabawonku; Deputy Managing Director, Wema Bank, Wole Akinleye; Divisional Head, People, Brands & Culture, Wema Bank, Ololade Ogungbenro; Nigerian Artists, David Adeleke (a.k.a) Davido; MD/CEO, Wema Bank, Moruf Oseni; Head, Brands & Marketing Communications, Wema Bank, Mabel Adeteye; Executive Director, North and South – South Bank, Wema Bank, Emeka Obiagwu and Chief Operations Officer, Wema Bank, Tajudeen Bakare, during Davido’s Visit to Wema Bank’s new MD/CEO, Mr. Moruf Oseni, in celebration of Alat At 6, today, 26th May, 2022 at Wema Bank’s Head Office, Marina, Lagos.

“Wema Bank and Davido are both innovative brands that recognize the immense potential that arises from the fusion of finance and entertainment, setting the stage for groundbreaking initiatives that will captivate audiences and revolutionize customer experiences”, Oseni said in his welcome address to the global music sensation and trendsetter who has captured the hearts of millions worldwide. Oseni further acknowledged Davido’s entrepreneurial prowess and influential persona which have propelled him beyond the music industry, making him a force to be reckoned with in various business sectors. “Davido is well known for his unwavering dedication to excellence and having a finger on the pulse of the ever-evolving entertainment landscape.”
The meeting with Davido serves as a catalyst for transformative change and positions Wema Bank as a pacesetter in the intersection of finance and entertainment. The bank’s commitment to customer-centric innovation and providing accessible banking solutions aligns seamlessly with Davido’s mission to empower and uplift his fan base.
Oseni insisted “We are fusing finance and entertainment with the aim of delivering innovative solutions that resonate with our customers. Together, we will drive positive change and create extraordinary experiences.”
In celebration of the sixth anniversary of ALAT, Wema Bank’s digital banking platform, Davido also Wema Bank’s brand ambassador, has been brought on board to curate a series of exciting giveaways. It is an opportunity to showcase the strength and growth of the ALAT brand, offering customers and fans a chance to win exclusive prizes and experiences. The giveaways are tokens of appreciation for the continuous support and loyalty shown by customers over the years.
By leveraging their combined strengths, Davido and Wema Bank aim to further set new benchmarks in their respective industries while driving social impact and financial inclusion.
It promises to be a remarkable collaboration that will reshape the landscape of finance and entertainment, creating lasting experiences and opportunities that transcend traditional boundaries.

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Naira Devaluation’s Fake News, Says CBN

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1 day ago

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June 5, 2023

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The Central Bank of Nigeria (CBN) has debunked a report by a national daily that it has devalued the naira to N631 per dollar at the Importers and Exporters (I&E) window.

A top official of the apex bank, who told this medium that the report is completely false, warned that such reports could have serious adverse consequences for the economy.

According to the top official, the CBN has not changed its strategy of allowing a gradual convergence of the parallel and official market exchange rates.

“The report is not true. The CBN has not devalued the naira. The exchange rate of the naira on the FMDQ website as at yesterday was N464.67 per dollar. The authors of the report may have their own agenda, but the CBN’s plan is that the best approach is to allow for a gradual convergence of all the rates.”

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