Banking
CBN Removes Exchange Rate Band on Interbank FX Transactions
By Adedapo Adesanya
The Central Bank of Nigeria (CBN) has announced a removal of the spread on foreign exchange (FX) transactions among banks, in its most adacious efforts to prop up the country’s forex market.
In a notice released on Friday evening signed by Mrs Omolara Omotunde Duke, the Director of Financial Markets Department, the CBN announced it is discontinuing any cap on the spread on interbank foreign exchange transactions and restrictions on the sale of interbank proceeds.
“A key objective of the ongoing foreign exchange market reforms by the Central Bank of Nigeria is to promote a market-based price discovery system. Consequently, the Bank hereby discontinues any cap on the spread on interbank foreign exchange transactions and restrictions on the sale of interbank proceeds,” the statement said.
The apex bank directed that authorized FX dealers are to continue to conduct their foreign exchange transactions on a “Willing Buyer and Willing Seller” basis. This approach is so that market forces of supply and demand will determine Nigerian exchange rates rather than the initial set limit.
The CBN warned that they are to strictly adhere to high ethical standards in their dealings in the foreign exchange markets.
“This includes but not limited to adopting appropriate price disclosures and transparency for transactions,” the statement said.
“Please note that all executed transactions are to be recorded immediately on the relevant treasury systems and reported to market authorities as stipulated,” it added.
Over the last week, the apex bank has issued new set of directives to boost its monetary functions including eliminating the initial cap on exchange rates quoted by International Money Transfer Operators (IMTOs).
The new directives are part of response to ease the FX market and eliminate suspected cases of excessive foreign currency speculation and hoarding in Nigerian commercial banks.
Earlier today, the CBN Governor, Mr Cardoso said in addition to fixing supply, the demand side of the market must play a role in helping the market.
He added that in the last weeks, Nigeria has attracted over $1 billion in inflows in positive signal that the market was healing after recent headwinds.
Banking
Ecobank Partners CreditCorp for Flexible Loans to Customers
By Dipo Olowookere
Ecobank Nigeria Limited has taken a significant step to ensure its customers get cheap personal loans by partnering with the Nigerian Consumer Credit Corporation (CrediCorp).
The service is available to civil servants and private-sector employees whose salaries are paid through Ecobank.
New customers can also benefit upon presentation of employer undertaking to pay subsequent salaries through Ecobank.
Starting this January, the initiative provides flexible repayment options and a streamlined loan application process.
These loans can be used to finance a variety of personal needs, including paying school fees, rent, maintenance costs, medical bills, car purchase and repairs, asset purchase, and more.
The loans come with affordable interest rates, a two-year term, and a repayment plan that ensures equal monthly instalments, including principal and interest, do not change throughout the life of the facility, regardless of the economic situation of the country.
According to the Head of Consumer Banking at Ecobank Nigeria, Ms Adeola Ogunyemi, the loans will provide salary earners, both in the public and private sectors, with better access to financial products.
“This collaboration is an excellent opportunity to serve our customers, and we believe it will improve the quality of life for many Nigerians.
“Eligible customers can use the loans to purchase electronics, solar systems, or CNG vehicle conversions, as well as for other essential expenses like school fees, rent, upkeep, medical bills, and car maintenance.
“We encourage working-class Nigerians to open an account with Ecobank to benefit from this initiative,” Ms Ogunyemi stated.
CrediCorp, a Development Finance Institution (DFI) established by the federal government, is focused on enhancing access to consumer credit for Nigeria’s workforce.
Under the partnership, CrediCorp will provide funds to Ecobank, for on-lending to qualified customers.
The arrangement covers personal loans, as well as asset financing for items like solar systems, home appliances, phones, laptops etc. and vehicle conversions to compressed natural gas (CNG).
Ecobank Nigeria is part of the Ecobank Group, a leading pan-African banking organization. The bank provides a full range of financial services to individuals, businesses, and institutions through its network of over 240 branches and 35,000 Xpress Point agencies across Nigeria.
Banking
131 Wema Bank Customers to Win N11m January 24
By Modupe Gbadeyanka
No fewer than 131 customers of Wema Bank Plc will win N11 million in cash prize in the company’s 5 for 5 promo season 4 monthly draw fixed for Friday, January 24, 2025, in Warri, Delta State.
According to a statement from the lender, from the 131 customers, 80 of them will win N25,000 each, 40 will win N100,000 each, eight domiciliary account holders will win N250,000 each and three will get N1 million each, with one to be from Warri, venue of the event.
The 5 for 5 promo selects winners from the bank’s pool of active and transacting customers, via thoroughly regulated electronic live draws.
The first 3 seasons saw the Wema Bank 5 for 5 Promo disburse over N150 million to 2,378 Nigerians across the six geopolitical zones in Nigeria, and with the launch of Season 4 on October 1, 2024, Wema Bank raised the bar, setting aside a whopping N135 million for disbursement this season alone.
So far, over 1,000 Nigerians have won cash prizes in daily, weekly and monthly draws, with 540 customers winning in 55 daily draws, 550 customers winning in 11 weekly draws and 262 customers winning in 2 monthly draws; totalling over N27 million disbursed so far.
The third monthly draw of the season, which also happens to be the first monthly draw of 2025, is set to hold this January in Warri, and another 131 winners will emerge from the draw.
“The goal for us with the Wema Bank 5 for 5 promo is giving back, providing support and rewarding our loyal customers, it’s been one of the key means through which we say ‘thank you’ as a Bank, and four years strong so far, it’s only gotten better with each season.
“We made millionaires in December ahead of Christmas and it was heartwarming to hear from our amazing customers how instrumental these rewards were in sorting out some bills. Now, we are even more ready to kickstart 2025 on a millionaire note,” the chief executive of Wema Bank, Mr Moruf Oseni, said.
“As a tradition, the 5 for 5 Promo continues to tour different locations across the six geopolitical zones, however, our winners are always selected from across the country. So even though one of the millionaires will be from Warri where this draw will hold, there’s still room for two more millionaires and over 120 more winners of cash ranging from N25,000 to N250,000.
“The joy for us is in the smiles that are made, the stories that are positively impacted and the hope that these cash rewards bring to the winners; from students to small business owners, working professionals, and so on.
“We are all too familiar with the running ‘100 days of January’ reality that plagues a lot of us after the heavy spending that comes with December, so this draw is the perfect opportunity to support our customers beyond the daily and weekly draws that we hold every other weekday.
“I congratulate the winners in advance, and I encourage every new and existing Wema Bank customer to seize this opportunity and start transacting today. The 5 for 5 promo is as transparent as can be, so anyone can win, provided they meet the minimum requirements,” he added.
Banking
UBA Completes Routine System Maintenance on Card Service
By Dipo Olowookere
The United Bank for Africa (UBA) Plc has completed its scheduled routine system maintenance on its card service.
The financial institution over the weekend informed its customers of a scheduled maintenance on its card service from 12 am to 5 am of Sunday, January 19, 2025.
Customers were told that the action could make them experience service disruption while using the UBA cards for financial transactions.
The lender said it was carrying out the maintenance for better service delivery, apologising for any issue they may encounter during the period.
“In line with our commitment to provide you with exceptional experience and to enable us to serve you better, we will be carrying out a scheduled routine maintenance on our card services.
“During this period, you may not be able to use your Debit & Credit Card. Please use our alternative channels, LEO, *919#, Mobile App or Internet Banking for transactions
“An update will be provided as soon as the maintenance is completed.
“We appreciate your understanding and apologize for any inconvenience this may cause. Please be assured that we are committed to providing you with excellent banking services,” the notice earlier sent to customers said.
After the completion of the process, UBA mailed another statement to customers, informing them they could use their cards without any issue.
“We are pleased to inform you that our scheduled routine system maintenance has been completed.
“You can now enjoy safer and quicker transactions on our card service.
“We regret any inconvenience you may have experienced, and assure you of our commitment to continuously provide you with excellent service,” the statement sighted by Business Post read.
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