ASCSN TRANSACTION: UNITY BANK ACTED WITH AUTHORITY OF CUSTOMER

The attention of the Bank has been drawn to the action of Association of Senior Civil Servant of Nigeria (ASCSN) in Abeokuta. Going by all available records regarding the ASCSN account and transactions, Unity Bank hereby states that there’s completely no wrong doing on the part of the Bank who acted professionally in the interest of the Association. Till date, the Bank has thus carried out all financial transactions in line with the mandate, instructions and authority of the customer (ie the Association of Senior Civil Servant of Nigeria). Until…

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NAIRA CRASHES BADLY AGAIN, NOW EXCHANGES AT N500 TO THE DOLLAR

The naira, on Monday, weakened further at N500 to the dollar after the Central Bank of Nigeria (CBN) adjusted the exchange rate across foreign exchange market segments on Friday last week. At the Bureau de Change segment of the market, the naira weakened further by N5 as the dollar sold for N500 on Monday, as against N495 on Friday. By implication, the naira has lost N140 year-on-year when compared with N360 as at November 2019 when it stood at N360, and N1.25 day-on-day compared to N496.5 on Friday. The CBN…

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HERITAGE BANK TO DISBURSE CBN’S N100BN LOAN TO HEALTH, SELLS FX TO SMES, EDUCATION SECTORS

As part of proactive measures to cushion the effect of the COVID-19 and revamp the nation’s dwindling economy, Heritage Bank is set to disburse the N100billion set aside by the Central Bank of Nigeria (CBN). This is in line with the apex bank’s policy to introduce another intervention scheme directed to the health sector, which is known as the NGN100 Billion Credit Support for the Healthcare sector (the Scheme). Specifically, the scheme is to provide credit to indigenous pharmaceutical companies and other healthcare value chain players intending to build or…

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DON’T COLLECT DIRTY NOTES FROM BANKS, CBN URGES CUSTOMERS

The Central Bank of Nigeria (CBN), has blamed commercial banks in the country for sabotaging its efforts at replacing mutilated notes with new ones. Mr. Isaac Okorafor, Acting Director, Communications Department of CBN, made the allegation in Lagos last week, while reacting to lamentations of Nigerians on the preponderance of dirty and mutilated notes in the country, said the apex bank was aware of the development and had taken several measures to address it. According to him, one of the steps taken by CBN in mopping up the mutilated notes…

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