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CBN Raises Interest Rate To 15.5% To Fight Inflation, Attract Foreign Investors

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On Tuesday, the Central Bank of Nigeria (CBN) raised its benchmark interest rate, known as Monetary Policy Rate (MPR), to 15.5 percent, the third straight hike this year.

After the two-day Monetary Policy Committee (MPC) meeting in Abuja, the CBN also raised the cash reserve ratio (CRR) to 32.5 percent from 27.5 percent. The CRR is the share of a bank’s total customer deposit that must be kept with the central bank in the form of liquid cash.

This was in consideration of the persistent rise in inflation rate and fragile growth. Nigeria’s headline inflation accelerated to the highest level in 17 years at 20.52 percent in August 2022, from 19.64 percent in the previous month.

The CBN had in the last few months increased the MPR by a combined 250 basis points to rein in inflation. In its meeting in May 2022, the CBN raised its benchmark interest rate by 150 basis points to 13 percent, the first time in six years. It raised it further in July by 100 basis points to 14 percent.

After the meeting, MPC members unanimously voted to retain other parameters. Consequently, the CBN retained the Asymmetric Corridor of +100/-700 basis points around the MPR: and the Liquidity Ratio at 30 percent.

Godin Emefiele, governor of the CBN, who announced the decision after the meeting said: “The MPC noted with concern the continued aggressive movement in inflation, even after the rate hike at its meeting in May and July 2022, and expressed its unrelenting resolve to restore price stability while providing the necessary support to strengthen the fragile recovery.”

It is expected that the hike in interest rate for three consecutive times will also lure foreign inflows into the country and ease the pressure on the naira.

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Business

Access Bank Targets 200,000 Closa Agents In 2023

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In a bid to satisfy its customers and make banking easier, Access bank Nigeria Ltd has disclosed its intention to increase its Closa agents from 160,000 to 200,000 nationwide in 2023.

Regional Sales Manager of the bank Chidozie Chukwu, who disclosed this during the unveiling of the Access Closa agent in Owerri, explained further that they intend to reach both the rural and urban areas.

The agents he added were already trained to carry out all transactions of the bank, thereby preventing rush and long queues experienced at the bank.

He said “We have already hit one hundred and sixty thousand of our agents across the nation and we are targeting two hundred thousand. Our Closa agents will make banking easier, distance and long queues experienced by customers will seize.

“On our own part, it will enable us to reach out to locations where we can not reach out to; it will allow the people also to key into banking; we would be at every nook and cranny of the country,” Chukwu said.

Already, Chukwu noted that 100 of the Closa agents have been trained to transact business with their customers in Imo State, adding that the empowerment of the agents will reduce unemployment.

Rob Giles, Senior Retail Advisory of the bank earlier informed that customers can locate a Closa agent near them by simply searching for ‘Access Closa Agent’ on Google Maps on their phone instead of walking long distances in search of a branch.

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UBA Customers Assured Of Memorable Christmas In Super Savers Draw, N22.5m Up For Grabs

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Africa’s Global Bank, United Bank for Africa (UBA) Plc, has, once again, assured its loyal customers of a remarkable Christmas celebration, as the bank plans to reward them with exciting prizes in its upcoming Super Savers Draw.

The draw is open to all UBA account holders in Nigeria and will be held on December 16, at UBA House, Marina, where the bank will be giving out N22.5 million to its loyal customers.

The unique draw has something big for everyone and intends to appreciate customers of the bank who have cultivated a savings culture and stayed loyal to the bank over the years.

It will also offer fresh opportunities to intending customers to join the growing number of UBA millionaires and lucky winners who have, in the past, benefitted from various promos held by the bank.

In this edition, 23 lucky customers with UBA Bumper accounts will smile home with a grand prize of either N2 million, N1.2 million rent for a year, N500,000 shopping allowance and N100,000 cash prizes.

Ten customers with UBA Savings accounts will, equally, be rewarded with N1 million each, 10 students of tertiary institutions and Youth Corps members with a UBA NextGen account will get a pocket money reward of N180,000 for a year, while 20 children with a UBA Kiddies or Teens Account will get rewarded with N200,000 school fees grant.

New customers can simply dial *919*20# to open a UBA account or visit www.ubagroup.com/supersavers for more information and start saving, while existing customers, who intend to qualify for this mega draw, can simply save N5,000 in their UBA Bumper or NextGen account, N10,000 in their UBA Savings account, or maintain a standing instruction of, at least, N10,000 every month into a UBA Kiddies & Teens account, as the more they save, the higher the chances of winning big.

As a spin off in this Xmas special draw, one lucky Domiciliary Savings account holder will also bag a N1,000,000 cash prize. All the customer needs to do is open a UBA Domiciliary Savings Account with the Bank Verification Number and maintain a minimum balance of $100 or its equivalent in other currencies till December.

Speaking ahead of the forthcoming draw, Head of Retail, Digital and Transaction Banking, Sampson Aneke, said UBA is passionate about actualising the dreams of its customers, as the bank is relentless in helping them grow by making more and more of its customers millionaires.

He said: “As always, we have decided to make this Christmas a very merry and memorable one for all and have put in place quite a lot to make it happen. UBA always walks the talk and never relents in helping its customers succeed. Our customers are special to us, and this is another opportunity to prove just that.”

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Access Bank Disowns Fake News On Cryptocurrency

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Contrary to an unsubstantiated report circulating on the internet, Access Bank Plc has not launched any Bitcoin bank or introduced a cryptocurrency product.

A statement by the management dissociated the financial institution from the information pushed out by a fictitious webpage.

The article shows the photographs of the Managing Director, Mr Roosevelt Ogbonna, illicitly downloaded from Access Bank’s social media pages.

The images were then manipulated to fit the misleading narrative being promoted in the bogus article.

“The quotes also attributed to Mr Ogbonna in the contrived interview are also completely false”, the disclaimer reads.

“For the record, at no time did Mr Ogbonna grant any interview on the subject of a Bitcoin bank or made any comment on cryptocurrency business.

“Access Bank continues to maintain its absolute commitment to excellent practices in accordance with the laws of Nigeria.”

The statement said the bank is cooperating with the authorities to investigate the source of the fake news to ensure the perpetrators are brought to justice.

“The board, management and staff remain committed to transparency, outstanding corporate governance, and the promotion of global best practices for the good of our customers and all stakeholders”, it added.

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