Daily Times Nigeria Thursday, August 31, 2017
Stories by Motolani Oseni After trading between 368 and 370 for over a week, the Nigerian currency, Naira, on Wednesday, extended gains recorded at the parallel market, while it strengthened at the Nigeria Autonomous Foreign Exchange Fixing (NAFEX) window. At the close of yesterday’s trading activities, the naira, at the unofficial market, appreciated by two points to close at 366 per dollar, against 368 traded on Tuesday; and 370 exchanged on Monday. The naira, however, steadied at 475 to the pound after recorded three point gains the previous day, against 478 sold on Monday and also, rebounded against the Euro to record new rate of 432 stron-
B3 Money Market
Naira extends gain at parallel market, strengthens at NAFEX ger than 434 traded Tuesday and Monday. At the NAFEX window, the naira strengthened to close at 359 per dollar, better than 359.67 sold on Tuesday, but weaker than 359.56 ended earlier in the week. Although, it opened at an appreciable rate of 360.03 compared to 360.66 of Tuesday, representing improvement of Monday’s 361.13, which indicated an appreciating figure of 0.13 per cent, FMDQ OTC data has showed. But it recorded a total decline Godwin Emefiele, CBN Governor
of $33.6 million in turnover after dropping by $105.75m on Tuesday, while comparing traded figure of $73.87m, against $107.47m on Tuesday, even though both days were lower significantly compared to $213.2m traded on Monday. The naira, continued on lower trend at the official FX market, to remain flat at 305.85 per dollar against 305.80 on Tuesday, which was the same price sold on Monday and last Friday, even though it was traded between 305.60 in
past weeks The local currency, also, gained at the interbank market to close at 359.50 per dollar better than 360.05 on Tuesday, 464.61 against 466.80 to the pound sterling. It would be recalled that the Central Bank of Nigeria (CBN), on Monday, injected a total sum of $250m into the official foreign exchange market, in an effort to boost liquidity in the market, while pursuing convergence forex rate in the country.
The Acting Director, Corporate Communications Department, CBN, Isaac Okorafor, had explained that $100m was injected to uplift the Small and Medium Enterprises and invisible segments, with $85m and $65m respectively. Okorafor said that the apex bank would pump even more liquidity into the market in the coming days, noting that the move by the CBN was necessary to enhance stability in the foreign exchange market.
UBA, GTBank endure N18.9bn decline in electronic banking revenue United Bank for Africa (UBA) and Guaranty Trust Bank Plc (GTBank), recorded a total drop of N18.97 billion in Electronic Banking revenue in the first six months of 2017, Daily Times finding have revealed. Considering that the two commercial banks’ electronic banking income declared in first the six half (H1) of 2017, showed that United Bank of Africa (UBA) recorded electronic banking income slipped by 45.9 per cent or N8.3bn from N18.1bn in six months of 2016 to N9.78bn in six months of 2017. As for GTBank, its electronic banking income dipped by 61.4 per cent or N10.6bn to N6.7bn, as against N17.26bn recorded in six months of 2016. Earlier this week, Daily Times exclusively reported that 10 commercial bank
including, Sterling Bank Plc, FCMB Group Plc and eight other DMBs operating in the country have declared a whopping N26.8bn on current account maintenance charges in the first six months of 2017. Other lenders are, United Bank for Africa Plc (UBA), Zenith Bank Plc, Access Bank Plc, Guaranty Trust Bank Plc, First Bank of Nigeria Holdings Plc, Diamond Bank Plc, Union Bank of Nigeria Plc and Unity Bank Plc. Although, we observed that out of the total contributed sum of N26.8bn generated from depositors’ current account maintenance, Tier-one banks accounted for N21.99bn during the period under review, and this represented a decline of 2.1 per cent from N22.46bn recorded in the corresponding period in 2016.
FirstBank lifts S/Leone mudslide victims Afolabi Adesola First Bank of Nigeria Limited and its subsidiaries are initiating support for the victims of the mudslides and floods that devastated parts of Sierra Leone’s capital, Freetown recently. The Bank has, therefore, initiated a fund-raising drive across its workers, as part of the FirstBank Employee Volunteering Scheme, set up to provide humanitarian service to the bank’s host communities. The fund-raising efforts allowed staff mem-
bers to collectively render succour and hope to the needy and the funds raised will complement the Bank’s corporate donation to the victims of the disaster. The Bank has also implored its customers and members of the public to join in the cause of providing succour to victims of this tragedy, through a special donations account it has been set up. It urged members of staff, customers and members of the public to pay directly into the account: FBN CSR Donations —2032381764.
L-R: Leke Alder, CEO, Alder Consulting; Doug De Villiers, CEO Intergroup, South Africa; Yomi Badejo-Okusanya, Managing Director, CMC Connect; Tunji Olugbodi, Executive Vice Chairman, Verdant Zeal; and Tijjani Borodo, Company Secretary, FBN Holdings Plc, at the recently concluded NBA Conference in Lagos.
NDIC: Banking witnessing rapid changes Ï ƿÕ ƆƌƍƋ ƕƆƆ ƑƅƅƆ ƇƑƋ Ɛ ƍƏ ƇƆ ƈ Ƌ ƆƔ ƌƈ Ɛƈ
Mathew Dadiya, Abuja & Motolani Oseni The Managing Director of Nigeria Deposit Insurance Corporation (NDIC), Mr. Umaru Ibrahim has said that the banking industry was witnessing rapid changes hence the need to upscale the skills of the staff in the lower and middle managerial cadre. This is even as forty six (46) members of staff of the corporation graduated from the Chartered Banker/Master in Business Administration (CB/MBA) Programme at Bangor University, Scotland.
Umaru, in a statement on Wednesday by the Head, Communication and Public Affiars, Mr. Hadi Bichi, said these changes include the forces of globalization of banking; economic uncertainties; advances in Information and Communication Technology such as block chain technology and virtual currency, which bankers must grapple with, require continued capacity building. Speaking at the CIBN Graduates’ Induction and Prize Award Day in Lagos, the NDIC Chief Executive said that the corporation sponsored some of its staff on the Chartered
Banker/Master in Business Administration (CB/ MBA) program to upscale their skills in the lower/ middle managerial cadre. However, the graduated staff members have also earned themselves triple qualifications of MBA, Bangor University; Associate, Chartered Institute of Bankers, Scotland the oldest professional banking institute in the world) and Associate, The Chartered Institute of Bankers of Nigeria (ACIB). The NDIC boss also noted that the current economic situation, which most developing countries, including Nigeria, were facing, underscored
the need to pay greater attention to issues, such as financial literacy, consumer protection, sustainability and innovative financial services solutions. He gave instances, such as mobile money, agency banking, virtual currency, which must be harnessed and integrated into the nation’s financial services industry to enhance the role of banking system towards economic growth and development. The CIBN and NDIC had over the years been collaborating in human capacity building initiatives, including the CB and MBA program at Bangor University, Scotland.