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Investors Caught Off-Guard with CBN Gov’s Reappointment

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By Lukman Otunuga, FXTM Research Analyst,

Investors were caught completely off guard this week after Nigeria’s President Muhammadu Buhari reappointed the CBN governor Godwin Emefiele for a second term.

Although the market reaction has been somewhat mixed with the All-Share Index (ASI) edging -0.26% lower today, it is too early to come to any conclusions about how this will impact domestic markets moving forward. With the re-appointment of the CBN governor signaling continuity and removing an element of uncertainty over policy direction, this could be a welcome development for local shares and the Naira. However, more time will be needed to carefully assess what this means for inflation, interest rates and economic growth in the medium to longer term.

Stocks push higher as US tariffs kick in

Stock markets pushed higher on Friday, despite the United States hiking tariffs on Chinese goods. It seems investors are still cautiously optimistic over both sides finding a middle ground on trade. If a trade deal becomes reality, this is likely to boost global equities and emerging market assets. However, a situation where talks descend into disagreements is likely to rekindle risk aversion – ultimately boosting appetite for safe-haven assets.

Gold fights to defend $1280

Gold bulls fought incredibly hard to keep prices above the $1280 support level this week, as uncertainty over US-China trade talks supported the flight to safety. With escalating trade tensions and renewed concerns over slowing global growth fueling risk aversion, the precious metal punched above $1290 before later surrendering gains. We expect Gold to transform into a battleground for bulls and bears in the week ahead as conflicting market themes influence the precious metal. If the Dollar remains depressed and heightened trade tensions encourage investors to stay clear of riskier assets, Gold has the potential to shine towards $1300. However, a breakdown below $1280 is seen opening the gates towards $1265.

Commodity spotlight – WTI Oil

The story defining Oil’s valuation in recent weeks continues to revolve around supply and demand-side factors. On one side of the equation, Oil is supported by OPEC-led supply cuts, the US ending sanction waivers on Iranian Oil and supply disruptions in Venezuela and Libya. On the other side of the equation, Oil is pressured by robust production from US Shale, rising crude inventories and concerns over slowing growth impacting demand. Oil markets are likely to remain volatile and highly sensitive ahead of the OPEC meeting in June. In regards to the technical picture, WTI Oil is trading around $62.00 on the daily charts. A weekly close above this level is seen opening a path towards $63.00.


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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University.

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E-Financial

Unity Bank Unveils 2020 OMG Competition For Children

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In line with the efforts to drive the financial literacy initiatives of the Central Bank of Nigeria (CBN), Unity Bank Plc has unveiled its 2020 One Minute Genius (OMG) competition for children.

OMG is an educational gameshow to engage students as part of activities to commemorate Children’s Day.

According to a statement from the bank, over 120 winners are expected to emerge at the end of the 5-day contest that kicked off yesterday June 1, 2020, and run till Friday, June 5th, 2020.

The statement also said that  the competition can be monitored on Beat FM 99.9 Lagos, Beat FM Abuja, 94.1, and online on the Bank’s Website.

“The One Minute Genius is an initiative that underscores Unity Bank’s belief in children, it connects with the Nigerian children’s aspirations and reinforces the importance of education as a vehicle to empower the child to succeed beyond their wildest dreams.” The statement read.

Every Child and student between the ages of 6 –12 years are legible to participate in the game.

The idea is to enable the participant to improve their intelligent quotient and unleash the genius in them. The game will be played as a blend of quizzes containing spelling Bee and Arithmetic questions.

The children that answer the questions correctly within the one-minute stipulated timeframe will be rewarded with cash prizes.

Commenting on the initiative, Funwa Akinmade, Head, Retail and SME Banking, Unity Bank, said the One Minute Genius gameshow is a participatory learning and reward contest aimed at motivating students towards subject mastery using a branch of reinforcement model.

Akinmade urged parents and guardians to avail their wards the opportunity to participate in the competition.

In previous editions of Children’s Day engagement, the Bank hosted students of Kings College Lagos and held Spelling BEE competition to promote financial literacy, leadership, and advocacy against anti-social behaviour among youths.


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CBN Says Claims of N2,000, N5,000 Banknotes in Circulation Fake

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Central Bank of Nigeria (CBN) on Sunday, denied videos and pictures of the purported circulation of N2, 000 and N5,000 banknotes in the country.

CBN Says Claims of N2,000, N5,000 Banknotes in Circulation Fake

The apex bank in a tweet via the official Twitter handle are warned false and fake.

CBN called on Nigerians to disregard claims of such banknotes and urged members of the public to report anyone found in possession of such to law enforcement agencies.

Recall that in 2013, the CBN under the leadership of Sanusi Lamido Sanusi had said it was going to introduce a N5,000 banknote into the country.

Recently, the social media was abuzz after aman reportedly visited a bank and deposited the sum of N17m with yet to be designed or released N5000 and N2000 naira notes.

In accompany video, a lady could be heard in the clip, revealing how the man stormed the bank with the bundle of new 5000 and 2000 naira notes to deposit it.

 

 

 


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CBN Revises Timelines for ATM Dispense Errors, Refund Complaints

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Central Bank of Nigeria (CBN) has revised timelines for reversals and/or the resolution of refund complaints on electronic channels, with effect from June 8, 2020.

CBN Revises Timelines for ATM Dispense Errors, Refund Complaints

Mr. Godwin Emefiele, CBN governor

This is to further enhance service quality, particularly quick refunds when customers experience failed transactions, ATM dispense errors or disputes.

Isaac Okorafor, director, Corporate Communications of the apex bank said on Sunday that failed ‘On-Us’ ATM transactions (when customers use their cards on their bank’s ATMs) shall be instantly reversed from the current timeline of three days.

“Where instant reversal fails due to any technical issue or system glitch, the timeline for manual reversal shall not exceed 24 hours.

“Refunds for failed ‘Not-on-Us’ ATM transactions (where customers use their cards on other banks’ ATMs) shall not exceed 48 hours from the current three to five days.

“Resolution of disputed/failed PoS or Web transactions shall be concluded within 72 hours from the current five days.”

He added that all banks had been directed to resolve the backlog of all ATM, POS and Web customer refunds within two weeks starting June 8, 2020.

Meanwhile, key service providers in the Nigerian payments system have also committed to establish an integrated dispute resolution platform for the industry and enhance their payment system infrastructure and processes to reduce incidences of transaction failure.

Okorafor requested bank customers to refer to the updated Guidelines for the Operation of Electronic Payment Channels on the Bank’s website (www.cbn.gov.ng) for further details.

 

 

 


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