TheNewsGuru

Tag: Banks

  • CBN releases more old notes to DMBs, as banks confirm receiving more cash

    CBN releases more old notes to DMBs, as banks confirm receiving more cash

    As the Central Bank of Nigeria (CBN) 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 apex bank has released more old notes to Deposit Money Banks (DMBs).

    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.

    TheNewsGuru.com (TNG) observed how 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, none of the banks were seen dispensing crispy naira notes and customers did not 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.

    by TheNewsGuru.com (TNG) also 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 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

    TheNewsGuru.com (TNG) 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.

  • Banks comply with CBN’s directive to work on weekends

    Banks comply with CBN’s directive to work on weekends

    Banks in satellite towns of the Federal Capital Territory (FCT), on Saturday opened for business as directed by the Central Bank of Nigeria (CBN).

    The News Agency of Nigeria (NAN) correspondent who monitored some banks in the Territory, reports that huge crowds of customers were seen at banks’ Automated Teller Machines (ATM) galleries.

    NAN also reports that customers were also seen standing on queues entering the banking halls one after another.

    The banks that opened for operations along Nyanya-Mararaba road include First City Monument Bank (FCMB), United Bank for Africa (UBA), Zenith Bank, First Bank, Fidelity Bank, Ecobank, and Access Bank, among others.

    Mrs Ngozi Ugoh, a customer at Access Bank said that although she did not know about the CBN directive, she entered to get some cash when she saw a large crowd in her bank.

    ”I didn’t know about the directive of opening at weekends but I was just passing by and saw people so I entered to see if I can get some cash,” she said.

    Another customer, Mr Andy Jerry seen at Zenith Bank described the development as a welcome one.

    He alleged that banks were complying with the CBN directive to work during the weekend to shelve the planned protest by the Nigeria Labour Congress (NLC) to the apex bank.

    ”I think the CBN compelled banks to work weekends so that the protest by NLC will not hold.

    ”I like this because it will give more time for people to access cash,” he said.

    Miss Stephanie Ikpe commended the CBN for the directive.

    She said the development would help reduce the cash crunch currently being experienced by the masses.

    Ikpe appealed to the CBN to monitor banks to ensure that their weekends operation continued.

    The CBN on Friday through the Acting Director, Corporate Communication s Department, said that a substantial amount of money in various denominations had been received by commercial banks.

    The apex bank also directed all commercial banks to open for operations on Saturdays and Sundays.

  • Banks comply with CBN’s directive to work weekends

    Banks comply with CBN’s directive to work weekends

    Banks in satellite towns of the Federal Capital Territory (FCT), on Saturday opened for business as directed by the Central Bank of Nigeria (CBN).

    A correspondent who monitored some banks in the Territory, reports that huge crowds of customers were seen at banks’ Automated Teller Machines (ATM) galleries.

    Customers were also seen standing on queues entering the banking halls one after another.

    The banks that opened for operations along Nyanya-Mararaba road include First City Monument Bank (FCMB), United Bank for Africa (UBA), Zenith Bank, First Bank, Fidelity Bank, Ecobank, and Access Bank, among others.

    Mrs. Ngozi Ugoh, a customer at Access Bank said that although she did not know about the CBN directive, she entered to get some cash when she saw a large crowd in her bank.

    ”I didn’t know about the directive of opening at weekends but I was just passing by and saw people so I entered to see if I can get some cash,” she said.

    Another customer, Mr. Andy Jerry seen at Zenith Bank described the development as a welcome one.

    He alleged that banks were complying with the CBN directive to work during the weekend to shelve the planned protest by the Nigeria Labour Congress (NLC) to the apex bank.

    ”I think the CBN compelled banks to work weekends so that the protest by NLC will not hold.

    ”I like this because it will give more time for people to access cash,” he said.

    Miss Stephanie Ikpe commended the CBN for the directive.

    She said the development would help reduce the cash crunch currently being experienced by the masses.

    Ikpe appealed to the CBN to monitor banks to ensure that their weekends operation continued.

    The CBN on Friday through the Acting Director, Corporate Communication s Department, said that a substantial amount of money in various denominations had been received by commercial banks.

    The apex bank also directed all commercial banks to open for operations on Saturdays and Sundays.

    NAN

  • Bank should stop issuing old notes to customers – Gov. Adeleke

    Bank should stop issuing old notes to customers – Gov. Adeleke

    Gov. Ademola Adeleke of Osun, has warned commercial banks in the state to stop issuing old naira notes to customers, if they will not accept it back as deposits.

    This is contained in a statement by his spokesperson, Malam Olawale Rasheed, on Monday in Osogbo.

    The governor said that the maltreatment of residents of the state by commercial banks refusing to collect old currency notes, even after paying customers with such notes, is worrisome.

    Adeleke said that he had received many complaints from bank customers, who accused the banks of refusing deposits of old notes as well as the attendant negative consequences on the populace.

    “I have received several calls from Bank customers across the state. The deliberate refusal of banks to collect old notes is creating serious economic complications for residents of the state.

    “For the banks to issue old notes and refuse to accept old notes as deposit is highly unacceptable.

    The governor, however, called on the Central Bank of Nigeria to direct the banks operating in the state to correct the anomalies.

    “The state director of the CBN is specifically requested to direct the banks to halt this unhealthy practice.

    “If banks will not accept old notes as deposits, they must stop issuing old notes for withdrawal. The current pain being inflicted on our people must stop,” he said.

  • Banks are now paying old notes, new notes – CBN

    Banks are now paying old notes, new notes – CBN

    The Central Bank of Nigeria has stated said that commercial banks have started issuing both old and new Naira notes

    The Acting Director of Corporate Communications CBN, Dr. Isa Abdulmumin disclosed this on Tuesday.

    He noted that both old and new notes are now legal tender but the apex bank is yet to issue an official statement.

    He said, “Banks are paying old notes as well as new notes. They are all legal tender.

    “Yes, the CBN has not issued an official statement on the issue. Anyone banks give to you, you can collect. We just want to make life easy for Nigerians.”

     

  • FG orders banks to disburse cabotage vessel financing fund

    FG orders banks to disburse cabotage vessel financing fund

    The Federal Government has called on bankers and stakeholders to make a concerted effort towards the quick disbursement of the Cabotage Vessel Financing Fund (CVFF) a reality.

    The Minister of Transportation, Mu’azu Sambo made the call at a meeting with representatives of the Primary Lending Institutions and other key stakeholders.

    This is contained in a statement by Mr. Henshaw Ogubike, Director, Press and Public Relations of the Ministry on Thursday in Abuja.

    Sambo, said that the ministry had received the approval of the President to disburse the funds, and it was now left for the key players to actualise the approval by the President.

    He said that President Buhari had approved the immediate disbursement of the Cabotage Vessel Financing Fund through five primary lending institutions, namely Polaris, Zenith, Union, Jaiz, and UBA banks.

    “The President also approved that the two percent charge that makes up the Cabotage Fund should continue to accrue to the CBN Treasury Single Account (TSA).

    “And each time the account hits 50 million dollars the Minister of Transportation should on the recommendation of the Nigerian Maritime Administration and Safety Agency (NIMASA) direct the CBN to release the amount to any of the five banks for disbursement,” Sambo said.

    The minister said that it had taken 17 years to get presidential approval for the disbursement and urged the key stakeholders to expedite action on the necessary details to facilitate the quick disbursement of the funds.

    Sambo said the maritime sector would be a major income earner for the country if properly managed, adding that it was fulfilling for him to lead the historic process of disbursing the cabotage funds.

    Section 44, Part VIII of the Cabotage Act 2003 provides for the establishment of the Cabotage Vessel Financing Fund (CVFF) and a two per cent deduction on cabotage-protected trade earnings goes into the savings for the development of indigenous tonnage (ships) in Nigeria.

  • Banks won’t shut down services for elections – ACAMB

    Banks won’t shut down services for elections – ACAMB

    The Association of Corporate Affairs Managers of Banks (ACAMB) says all bank branches and digital channels will be open for banking services before, during, and after the elections.

    The association said this in a statement signed by its President, Mr. Rasheed Bolarinwa, on Wednesday in Lagos.

    The body said that Deposit Money Banks (DMBs) had not received any directive from the Central Bank of Nigeria (CBN) to shut down banking services for five days, as stated in a fake press release.

    “The attention of the Association of Corporate Affairs Managers of Banks has been drawn to the trending social media message purporting that the Central Bank of Nigeria (CBN) was shutting down banking services for five days from Thursday, 23rd to Monday 27th February 2023 because of the general elections holding in Nigeria over next two weekends.

    “ACAMB hereby wishes to debunk the fake news in its entirety and wishes to assure Nigerians and the banking public that there is no iota of truth in the viral message that is being circulated.

    “Up until this moment, no Deposit Money Banks or other institutions providing financial services have received any directive or communication from the CBN to close the doors of their physical banking halls or shut their digital platforms and online banking channels against their customers because of elections.

    “ACAMB further wishes to assure customers that their respective banks have put in place measures to ensure that depositors can as usual, access money in their accounts during this period.

    “Also, customers who wish to carry out transfers or use electronic banking services will have unhindered access to these services before, during, and after the elections,” it said.

    It urged Nigerians not to panic and also avoid uncontrolled spending as a result of the fake news about the alleged plan to shut down bank branches and all digital banking channels.

    The association urged Nigerians to ignore the trending message maliciously concocted by its faceless authors to cause disaffection among the citizenry and the DMBs.

    It advised Nigerians to be peaceful and orderly during the elections, wishing the nation a successful conduct of free, fair, and credible elections.

    ACAMB is the umbrella body of Corporate and Marketing Communications Professionals working in Nigeria’s banking sector.

  • Cash swap: Banks reopen in Benin after 4-day closure

    Cash swap: Banks reopen in Benin after 4-day closure

    Some commercial banks in Benin reopened for business on Monday, after shutting down on February 16, following sporadic attacks on some facilities in the city.

    Banks came under violent attacks on February 15 by some customers, who were enraged by their inability to make withdrawals.

    The angry customers destroyed some bank buildings, Automated Teller Machines and some vehicles belonging to bank officials.

    It was reported that four persons lost their lives during the protest, which lasted for several hours across some major roads in the capital city.

    Consequently, the banks halted their services to avert further attacks and destruction of their facilities.

    Residents were however relieved to discover that some of the banks around Sapele Road, Mission Road and Aduwawa Axis of Benin reopened for services on Monday.

    A NAN correspondent, who monitored the situation in the city, reports that there were long queues of customers within and around the bank premises.

    While many who got access into the banking hall were seen waiting to be paid over the counter, others clustered at the entrance gates and ATM points.

    Some of the customers, who spoke on the development, said they were happy that some of the banks had reopened after the unrest.

    Mrs Chioma Odiase said: “We learnt that one or two banks opened on Friday and some opened today (Monday).

    “We are happy that the sufferings we go through to get cash for our daily needs would soon ease with the reopening of the banks.”

    The Chairman, Manufacturers Association of Nigeria, Edo/Delta branch, Dr. Okwara Udensi, spoke on the harsh effect of the demonitisation policy on businesses.

    Udensi urged the Central Bank of Nigeria to supply more old N200 notes to banks.

    He said: “The non availability of cash in various bank branches is where the problem lies.

    “The CBN should try as much as it can to push the cash to the banks.

    “President Muhammadu Buhari has said that old N200 note is now acceptable so CBN should bring it back into circulation to augment the new notes already printed.”

  • Again, EFCC recovers N900m for NHIS

    Again, EFCC recovers N900m for NHIS

    The Economic and Financial Crimes Commission (EFCC) has recovered an additional sum of nine hundred million Naira for the National Health Insurance Scheme (NHIS).

    The spokesman for the commission, Mr. Wilson Uwujaren, made the disclosure in a statement on Saturday.

    He alleged that the sum was part of the money that some deposit money banks fraudulently withheld since 2015 and refused to remit into the Treasury Single Account for NHIS.

    According to him, the recovered sum was released to NHIS on Feb. 8.

    He noted that the commission had on Feb. 10, 2022,  released to the NHIS, N1.5 billion recovered from the banks.

    The commission had also on Aug. 5, 2022, released N1.4 billion to the scheme.

    The Executive Secretary of NHIS, Prof. Muhammad Nasir Sambo, had on July 29, 2021, praised EFCC  for assisting NHIS in the recovery of funds trapped in commercial banks.

  • Suspected hoodlums attack 4 banks, vandalise property in Epe

    Suspected hoodlums attack 4 banks, vandalise property in Epe

    As agitations against Naira scarcity across the country spread, Epe town in Lagos state had its fair share of the destruction of banks and properties by some suspected hoodlums.

    NAN reports that about four banks were vandalised by some suspected hoodlums in Epe, on Friday.

    The attacks happened around 10:05 a.m. on Friday when some suspected hoodlums were spotted destroying bank properties in Epe.

    The banks included Polaris, United Bank for Africa, Zenith Bank, and First Bank.

    The Nigeria Police, however, intervened at the scene to restore peace and normalcy in the area.

    All efforts to speak with the Divisional Police Officer and some bank managers proved abortive.