Business

Banks Confirm Receiving More Cash, Load ATMs

Published

1 year ago

March 27, 2023

Editor

The Central Bank of Nigeria has released more old notes to Deposit Money Banks as the apex bank steps up efforts to flood the economy with more cash after a prolonged cash crunch that has made life difficult for millions of Nigerians and residents.

The CBN had on Thursday begun the release of billions of naira to DMBs. Bank officials said the CBN again released several billions of naira to lenders on Friday

Reports several branches of banks opened over the weekend and dispensed cash to their customers via Automated Teller Machines and over-the-counter.

Some of the banks had sent out emails to their customers notifying them that they would be open over the weekend for banking operations as ordered by the apex bank.

Visits to banks’ branches in Lagos, Abuja, Ogun and other states revealed that most banks complied with the order of the CBN and attended to customers both in the banking hall and dispensed cash via ATM.

Most of the banks’ branches along the Oshodi-Apapa Expressway and Gbagada area of Lagos opened on Saturday and Sunday and subsequently dispensing cash to their customers.

The Access Bank branch at Sadiku Bus stop along the Oshodi-Apapa Expressway dispensed cash via its ATMS.

The United Bank for Africa branch at Oshodi, close to the expressway dispensed cash both in the banking hall and at its ATMs. Customers were able to get N20,000 over-the-counter.

The Access Bank branch next to it allowed its customers to get N20,000 while holders of other banks’’ ATMs got N5,000 only.

Fidelity Bank branch also at Oshodi expressway paid N20,000 inside the banking hall. Of its three ATMs, only one was dispensing, paying other banks’ customers N5,000 and its customers N20,000.

Meanwhile, it was not observe any of the banks dispensing crispy naira notes and customers didn’t care as long as they got the cash.

A taxi driver, who identified himself as Baba Taju, said the kind of naira notes didn’t matter as long as he got some to spend.

“You think that’s important now? What did we do when we couldn’t get any cash? Please any cash is welcome as long as I can spend it,” he said.

Also, customers in the Federal Capital Territory continued to receive naira notes on Sunday.

Some crowds of customers were seen at banks’ ATM galleries while others tried to perform over-the-counter transactions.

Along the airport road, only Guaranty Trust Bank opened for physical operations, Stanbic IBTC loaded its ATMS with cash while Zenith Bank didn’t open for business.

It was observed that the old N1,000 notes distributed were not crisp ones as officials separated mutilated notes before giving them to customers.

In Ogun State, findings by our correspondent at Zenith Bank, PremiumTrust Bank, GTB, Unity Bank and Access Bank branches in Redemption Camp along the Lagos-Ibadan Expressway indicated that all the ATMs were fully loaded with cash

It was observed that there were no long queues and after the Sunday service, bank customers were allowed to walk in and carry out their normal transactions.

Also, both old and new naira notes were dispensed.

Along the Ojodu-Berger axis of Lagos State, our correspondent visited six banks. The banks were Union Bank Plc, Ecobank, Access Bank, GTB, Zenith Bank, and First Bank. All six banks, apart from Guaranty Trust Bank did not open their banking halls to customers. ATMs were also not loaded.
PUNCH

Related Topics:#Banks #CBN Naira Scarcity

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Business

Stock Market Review: FBN Holdings Leads 41 Others As Investors Gain N811bn

Published

4 hours ago

May 4, 2024

Editor

FBN Holdings Plc has topped 41 other advanced equities to pull the Nigerian Exchange Ltd.(NGX) market indices up by 1.46 per cent, week-on-week, making investors gain N811 billion.

The market, having opened for four days in the week, following the May Day holiday, had FBN Holdings leading the gainers’ table by 32.68 per cent to close at N27 per share.

Sterling Financial Holdings followed by 27.75 per cent to close at N4.88, while UACN gained 24.60 per cent to close at N15.45 per share.

Julius Berger added 23.76 to close at N72.40, while Flour Mills rose by 20.66 per cent to close at N36.80 per share.

Conversely, Nascon Allied Industries Plc led the losers’ table by 17.03 per cent to close at N43.60, University Press trailed by 16.67 per cent to close N2.05 per share.

Neimeth International Pharmaceuticals shed 14.14 per cent to close at N1.70, Berger Paints Plc declined by 9.87 per cent to close at N13.70 and Vitafoam Nigeria lost 9.81 per cent to close at N17 per share.

Meanwhile, 42 equities appreciated in price during the week, higher than 27 equities in the previous week.

Thirty-six equities depreciated in price, lower than 43 in the previous week, while 76 equities remained unchanged, lower than 84 recorded in the previous week.

Consequently, the All-Share Index and Market Capitalisation appreciated by 1.46 per cent to close the week at 99,587.25 and N56.323 trillion, respectively, in contrast to 98,152.91 and N55.512 trillion posted last week.

Similarly, all other indices finished higher with the exception of NGX Consumer Goods, NGX Oil and Gas and NGX Industrial Goods which depreciated by 0.26, 0.68 and 0.36 per cent, respectively, while NGX ASeM and NGX Sovereign Bond indices closed flat.

Meanwhile, a total turnover of 1.941 billion shares worth N32.644 billion in 35,807 deals was traded this week by investors on the floor of the Exchange, in contrast to a total of 1.839 billion shares, valued at N34.258 billion, that exchanged hands last week in 37,528 deals.

The financial services industry measured by volume led the activity chart with 1.496 billion shares valued at N22.453 billion traded in 19,225 deals, thus contributing 77.08 and 68.78 per cent to the total equity turnover volume and value, respectively.

The consumer goods industry followed with 144.722 million shares worth N5.063 billion in 4,966 deals.

In the third place was the conglomerates industry, with a turnover of 109.978 million shares worth N1.539 billion in 2,064 deals.

Trading in the top three equities, namely Abbey Mortgage Bank Plc, Guaranty Trust Holdings Company Plc and Access Holdings Plc, measured by volume, accounted for 898.940 million shares worth N14.314 billion in 5,518 deals.

These contributed 46.31 and 43.85 per cent to the total equity turnover volume and value, respectively.

(NAN)

Business

BREAKIN: NDIC Increases Maximum Deposit Insurance Coverage

Published

3 days ago

May 2, 2024

Editor

The Nigeria Deposit Insurance Corporation (NDIC) on Thursday increased the maximum deposit insurance coverage levels for Deposit Money Banks from N500,000 to N5 million.

The Managing Director of NDIC, Bello Hassan, announced this in Abuja at a press conference, stating that it takes effect immediately.

He said, “For Deposit Money Banks, the increase of the maximum deposit insurance coverage from N500,000 to N5,000,000, would provide full coverage of 98.98% of the total depositors compared with the current cover of 89.20%.

“In terms of the value of deposit covered, the revised coverage would increase the value of deposits covered by deposit insurance to 25.37% compared with the current cover of 6.31% of total value of deposits.

“The increase of the maximum deposit insurance coverage from N200,000 to N2,000,000, would provide full coverage of 99.27% of the total depositors compared with the current level of 98.76% and would increase the value of deposits covered by deposit insurance to 34.43% compared with 14.38% of total value of deposit, currently covered.

“The increase of the maximum deposit insurance coverage from N500,000 to N2,000,000 would provide full coverage of 99.34% of the total depositors compared with the current 97.98% and would increase the value of deposits covered by deposit insurance to 21.04% compared with 10.77% of total value of deposit, currently covered.”

Hassan also stated that raising the maximum deposit insurance coverage for primary mortgage banks from N500,000 to N2,000,000 would provide full coverage for 99.99% of total depositors and increase the value of deposits covered by deposit insurance to 43.10% of the total deposit value, up from the current 40.60% cover.

The Corporation has also raised the maximum pass-through deposit insurance coverage for subscribers of Mobile Money Operators from N500,000 to N5,000,000 per subscriber.

Business

Dangote Speaks On Devaluation Of Naira

Published

3 days ago

May 1, 2024

Editor

Chairman of Dangote Industries Limited, Aliko Dangote has said that the devaluation of Naira created the biggest mess for the company in 2023.

Speaking at the annual general meeting of Dangote Sugar Refinery, Dangote said this affected lots of companies in the country.

He said: “We are doing whatever it takes to make sure that at the end of the day, we will be paying dividends because if you look at our dividends last year, it was almost 50 percent more so we will try and get out of the mess.

“The biggest mess created was actually the devaluation of the naira from N460 to N1,400. You can see almost 97 percent of the companies, especially in food and beverages businesses, none of them will pay dividends this year for sure but, we will try and get out of it as soon as possible.

“We want to see that at the end of the day, no matter how small, we will be able to pay some dividends, especially if there is a rebound of the naira.”