Business

Just in: Old Notes: No Extension, January 31st Deadline Stands- Emefiele Insists

Published

8 months ago

January 24, 2023

…..increases benchmark interest rate to 17.5%

The Central Bank Of Nigeria, CBN, Governor Godwin Emefiele has reaffirmed that the January 31st deadline for the old Naira Notes stands, as there will be no extension.

The CBN’s MPC also voted to keep the asymmetric corridor at +100 and -700 basis points around the MPR

The Central Bank of Nigeria CBN, Tuesday raised its benchmark lending rate to 17.5 per cent to sustain the current policy to further rein in inflation.

The CBN governor, Godwin Emefiele, announced this Tuesday at the end of the Monetary Policy Committee meeting that began Monday.

Addressing journalists at the end of the 2-day meeting of the Monetary Policy Committee (MPC) meeting in Abuja, Mr Emefiele said the committee voted to keep the asymmetric corridor at +100 and -700 basis points around the MPR, Cash Reserve Ratio (CRR) at 32.5 per cent as well as the Liquidity Ratio at 30 per cent.

It will be recalled, the CBN on October 26, 2022 had announced its plan to redesign the three banknotes. President Muhammadu Buhari subsequently unveiled the redesigned N200, N500 and N1,000 notes on November 23, 2022, while the apex bank fixed January 31 deadline for the validity of the old notes.

There have been concerns from many Nigerians over the slow spread of the three new naira notes as the January 31 2023 deadline approaches but the apex bank has insisted that the date stands.

The CBN also recently directed commercial banks to halt over-the-counter payment of the new notes and load their Automated Teller Machines (ATMs) with the redesigned naira notes to boost circulation.

The apex bank also launched a cash swap programme nationwide to enable those in the unbanked areas to exchange their old notes for new notes before the deadline.

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Business

TAJBank, CEO win global Islamic banking awards 2023

Published

4 days ago

September 20, 2023

The Gleamer

…..attest to bank’s rising reputation globally

In recognition of increasingly soaring brand reputation due to its world-class services both locally and internationally, TAJBank Limited, Nigeria’s fastest-growing non-interest banking services provider, has won the Global Islamic Finance Award (GIFA) 2023 for its ‘Best Sukuk Deal of the Year 2023’, beating scores of other nominees in the competition.

This is even as the bank’s CEO/Founder, Mr. Hamid Joda, was also decorated with the ‘Most Promising CEO of the Year 2023’ insignia by the GIFA’s Awards Committee at the event held in Senegal, and witnessed by the country’s President, His Excellency Macky Sall, and other global leaders and bankers.

Over the years, GIFA has recognized over 500 governments, individuals, and institutions, commending their significant contributions to the USD 4 trillion Islamic finance industry.

In his remarks, the bank’s CEO thanked the GIFA leadership for the global recognition, saying “we are very grateful to the award organizers for recognition of the bank and my humble self for the GIFA 2023.

“As we keep saying, these awards and several others TAJBank had received in the past three years will further encourage us to do more in surpassing the expectations of our growing customers in terms of quality products and services delivery for invaluable value-addition to them and their businesses”, Joda assured.

Also commenting on the GIFA 2023 awards, the non-interest lender’s Executive Director/Co-Founder, Mr. Sherif Idi, thanked “the customers for their increasing confidence in TAJBank to offer them superior products and services with, in some cases, personalized touches to confirm to them that our only interest is the customers.”

It would be recalled that the listing of TAJBank’s N10 billion Sukuk bond on February 13 this year on the Nigerian Exchange Group (NGX) enjoyed an unprecedented support from investors, recording over 30% oversubscription.

Joda, had during the beating of the Gong’ formalizing the listing of the bond on the Exchange, assured subscribers to the debt instrument its invaluable benefits, particularly its potential for good returns on their investments.

The GIFA Chairman, Professor Humayon Dar; commended the winners for their hard work, persistence, and innovative strategies to still be able to make giant strides even in the economy they operate in.

The selection of winners for the 2023 competition by the GIFA was conducted by the GIFA with support from the Cambridge IFA, a financial services intelligence house which specializes in developing and utilizing powerful cutting-edge analytical tools to test business data, assess macroeconomic indicators and understand market trends, leadership positioning and brand development relevant to the development of the financial systems

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