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CBN reduces Bank charges on electronic transactions

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CBN reduces Bank charges on electronic transactions - Naija News 247

Central Bank of Nigeria has reduced bank charges on electronic transactions in a review carried out to enable Commercial Bank customers have a sigh of relief.

CBN reduces Bank charges on electronic transactions - Naija News 247
CBN reduces Bank charges on electronic transactions

This was contained in the CBN new Guide to charges by Banks, Other Financial and Non-financial Institutions which was sighted by newsmen in Abuja on Friday.

The Central Bank said the review is applicable to Commercial Banks, Financial and Non-financial Institutions who have licenses to operate.

The review of charges and rates affects transactions including Standing Order Charge (in-branch); ATM maintenance fees; Electronic Fund Transfers and Bulk Payments among others.

In the latest guideline, CBN said standing Standing Order Charge for intra-bank will be free compared to the N300 in the 2017 guideline.

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For Interbank Transfers, the CBN cut the charges to a maximum of N50 per transaction compared to the N300 held in 2017.

Bills Payment (Including Bills Payment through other E-channels) is Negotiable subject to a maximum of N500 per beneficiary payable by sender, a review from the N1,200 or 0.75 per cent for a biller or merchant to pay.

Electronic Funds Transfer has also been reviewed downwards to N10 charge for a transaction below N5000; N26 for transaction of N5001 to N50,000 while transactions above N50,000 will be charged N50.

Withdrawals on other banks’ ATMS have been reduced from N65 to N35 after the third withdrawal within the same month.

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The CBN also reduced ATM Bill Payment from N100 to N50. Debit card maintenance charges that were N100/Month have been removed in the new guideline.

The CBN however stated that financial institutions that breach any of the provisions in the new guide would face a fine of N2,000,000 per infraction or as may be determined by the CBN from time to time.

The CBN said, ” Where a bank is found to have wrongfully imposed a particular charge on its customers, the provision of Section (i) above shall apply for the charge on each customer.

“Failure to comply with CBN’s directive in respect of any infraction shall attract a further penalty of N2,000,000 daily until the directive is complied with or as may be determined by the CBN from time to time.

“Banks are required to log every complaint received from their customers into the Consumer Complaints Management System and must generate a unique reference code for each complaint lodged, which must be given to the customer.”

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Business

Elon Musk Terminates $44bn Deal To Buy Twitter

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Elon Musk Naija News 247

The world the richest man and the Chief Executive Officer (CEO) of Tesla Inc, Elon Musk has terminated his $44 billion Twitter deal.

This was confirmed by Reuters on Friday, quoting the elite as saying that the social media company had failed to provide information about fake accounts on the platform.

In a filing, Musk’s lawyers said Twitter had refused to respond positively to a series of requests for information on fake or spam accounts on the microblogging platform, which is fundamental to the company’s business performance.

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Twitter in April 2022 confirmed it had accepted the $44 billion bid by the billionaire entrepreneur.

Shares of Twitter were down 7% in extended trading. Musk was said to have earlier offered $54.20 per share in April.

On the micro-blogging platform, Twitter’s chairman, Bret Taylor, said that the board planned to pursue legal action to enforce the merger agreement.

“The Twitter Board is committed to closing the transaction on the price and terms agreed upon with Mr Musk,” Taylor wrote.

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However, Musk’s lawyers mentioned in a filing that “Twitter is in material breach of multiple provisions of that Agreement, appears to have made false and misleading representations upon which Mr Musk relied when entering into the Merger Agreement.”

Due to the emerging development on Friday, Musk would be required to pay a $1 billion breakup fee if he does not complete the transaction.

Naija News 247 understands that Musk’s latest decision will likely result in a long protracted legal tussle with the 16-year-old San Francisco-based company.

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Forex trading sessions in Nigeria time explained

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Forex trading sessions in Nigeria time

Naija News

Forex trading sessions in Nigeria time

For five days a week, the currency market is open 24 hours a day. This indicates that every currency pair can be traded throughout the weekdays, except on weekends, unless otherwise specified.

However, certain hours of the day may be better for traders than others.

When forex trading, there is always a market, however, there are periods when the market is choppy and others when it’s calm.

In addition, different currency pairs show varied levels of activity at different times of the day because of the overall demography of the market players who are online at the time.

The forex market experiences varied levels of volatility at different times of the day for different currency pairs. This is also true for trading times in Nigeria, and in this article we consider the best Forex trading sessions in Nigeria time.

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Understanding Forex trading sessions

Many institutional and individual forex traders benefit from a 24-hour forex market since it provides liquidity and the ability to trade at any time. When it comes to currency trading, each individual trader has a limited amount of time to check their positions.

The Asian, European, and North American sessions, which are also known as the Tokyo, London, and New York sessions, are traditionally divided into three peak activity periods.

These three cities’ names are sometimes used interchangeably since they symbolize the most important financial hubs in each of their respective areas.

Most banks and corporations in the respective regions do their day-to-day transactions during this time, and there is also a higher concentration of online speculators.

The Asia session

The Asian markets are the first to react when liquidity returns to the forex (or FX) market at the beginning of the week. The Tokyo capital markets, which are unofficially representative of activity in this region, are open from midnight to 6 a.m. every day GMT.

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The European session

At this point, Asian trading hours come to an end and the European session takes over. This FX time zone has a lot of big financial markets in it, making it quite busy. The European session’s parameters have been set in London until now.

The North American session

By the time the North American session begins, the Asian markets will have been closed for several hours, but for European traders, the day is only halfway through. There is a lot of action in the United States, as well as Canada, Mexico, and South America, during this session. 

The best time to trade in Nigeria

For Nigerian traders, the best time to trade most currency pairs in summers is from 13:00 to 17:00 WAT, while in winters it is considered to be from 14:00 to 18:00 WAT. 

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During this time, most African countries, including Nigeria, are open for business. The London and New York trade sessions are both active at this moment. For all currency pairs including European, American, and African currencies, spreads are at their lowest at these times. 

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Bread producers threaten strike over hike in production cost

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Bread price hike

Naija News

The producers of bread claimed that the rise in the cost of bakery supplies had made their operation unprofitable.

Bread producers and caterers have threatened to embark on a nationwide strike over the unprecedented increase in prices of bakery materials.

They also accused the Federal Government of turning a blind eye to the development.

This was contained in a communiqué issued by the Association of Master Bakers and Caterers of Nigeria on Friday, June 24, 2022.

The body noted that the high cost of flour, sugar and other materials used in the bakery business has pushed many bakers to the brink.

The communiqué, which was issued after the National Executive Council meeting of the association in Abuja, stated that the bakers would withdraw services from July 13, 2022.

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The bakers also revealed that attempts to get the government’s intervention in the matter had proven abortive, as there had been no favourable response from the concerned ministries, departments and agencies of government.

The communiqué, signed by the association’s executives, and led by its National President, Mansur Umar, stated that the council reviewed the “neglect of the Federal Government in addressing the challenges facing our sector as captured in our letters acknowledged by the Federal Ministry of Industry, Trade and Investment, Federal Ministry of Finance, Central Bank of Nigeria and unproductive intervention of the Secretary to the Government of the Federation.

“Increase in prices of bakery materials especially flour and sugar having reached unprecedented levels, for example, flour is now between N25,000 and N27,500, so also other ingredients.

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“The National Wheat Cultivation Committee already constituted is yet to be inaugurated after over one year. NAFDAC, SON, and NESREA have turned the bakers into money-making machines by charging our members’ outrageous levies even at this very challenging moment.

“Consequently, the NEC in session resolved that all zones, state, Local Governments and units of our association should commence full mobilisation of our members nationwide to embark on withdrawal of services starting from Wednesday, July 13, 2022, for an initial period of two weeks.”

They, however, informed their members to wait for further directives on the matter.

  NPA to address stakeholders’ concerns over electronic truck call-up system – MD

The, however, noted that its “members should await further directives.”

The hike in bakery materials had led to the recent increase in the cost of bread and other items derived from flour.

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