Currency-in-circulation increases by 21.1% in Q4 2017

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Stories by Amaka Ifeakandu

Currency-in-circulation in the financial system rose by 21.1 per cent to N2.157 trillion at the end of fourth quarter 2017.
The amount was above the level in the third quarter of 2017.
The Central of Nigeria (CBN) report for last quarter of last year said that the reflected the growth in currency outside banks.
It said total deposits at the CBN amounted to N13.172 trillion indicating 7.5 per cent increase over the level at the end of the third quarter of 2017. The increase according to the CBN was as a result of the rise in the deposits of banks, federal government and the “Others” in the quarter under review.
Of the total deposits at the CBN, the shares of the Federal Government, Banks and ‘Others’were N6.018 trillion, (45.7 per cent), N4.320 trillion (32.8 per cent) and N2.834 triillion (21.5 per cent) respectively.
The report stated that the growth in banks reserves at the CBN and currency-in -circulation accounted for the 16.5 per cent rise in Reserve Money (RM) to N6.477 trillion at end-December 2017, compared with the level at end-September 2017.
The report however said that despite the mixed trends in the liquidity condition of the domestic money market, there was relative stabllity in the financial market during the fourth quarter of 2017.
Notwithstanding the non-expansionary monetary policy stance of the Bank, liquidity was boosted by fiscal injections and maturing CBN bills. Withdrawals as a result of the CBN foreign exchange interventions and Open Market Operations (OMO), helped to stabilise the market. Accordingly, money market rates moved in tandem with the trend of liquidity in the financial market during the review period.
Total value of money market assets outstanding at the end of the fourth quarter of 2017 was N12,122.02 billion, showing an increase of 0.8 per cent, in contrast to the decline of 3.0 per cent at the end of the preceding quarter. The development was attributed to the 3.6 per cent increase in FGN Bonds outstanding in the review quarter.
CBN endorses Fidelity Bank’s BCMS, ISMS Certification
The Central Bank of Nigeria (CBN) and the UK Trade and Investment have approved the Business Continuity Management System (BCMS) and the Information Security management System (ISMS) Certification of Fidelity Bank plc.
The 22301 BCMS was developed to protect companies from the risks associated with downtime, which could occur due to unexpected disruptions or disasters.
The director, banking and payments system department, CBN, Dipo Fatokun had said that the certification is an evidence of Fidelity Bank’s commitment to sustain quality service delivery to customers.
Fatokun who was represented by Bature Yunana Magaji from the same department, urged other players in the industry to emulate the bank.
The CBN had given all banks September 2018 as deadline for BCMS certification.
Managing Director/Chief Executive Officer of the Bank, Nnamdi Okonkwo at the official presentation of the certification said “BCMS demonstrates that Fidelity bank is committed to protecting its staff and ensuring the continuity of critical business functions, mitigate risk, and sustain customer confidence in the event of a disruption”
He explained that after months of rigorous Business Impact Analysis (BIA) and Risk Assessment across all the departments of the Bank, our Bank was awarded the prestigious International Organisation for Standardization (ISO) 22301 certificate by the British Standard Institute (BSI) in August 2017.
“Implementing the ISO 22301 (Business Continuity Management System) is a critical step towards achieving our corporate strategy and enhancing stakeholders’ confidence in the Fidelity brand”.
“Today, we have built resilience in process functions and services that are critically sensitive to time and disruptions. We have also tested our continuity plans and simulated the recovery of staff to alternate work locations.
“Each of our core business functions and infrastructure groups now maintain and test their business continuity plans (BCPs) to ensure a continuous, reliable service”, he added.
FCMB to meet customers’ needs through cash rewards
First City Monument Bank (FCMB) has concluded arrangement to motivate about 100 customers among its youth segment with cash rewards, other exciting prizes and engagements to commemorate this year’s Valentine’s celebration.
In its annual campaign tagged, “Banking on Love”, the bank said many young and even some older people view the February 14th Valentine Day celebration as solely defined by the day’s activities with their chosen partners and loved ones.
This year’s Banking on Love campaign will include cash awards and some give aways to many youth customers during and after Valentine celebration, a global event that climaxes on February 14th. N10,000 each will be handed out to 25 young people every week, throughout February, the month of Love. To be eligible to win, customers are required to carry out transactions with their cards that add-up to at least N5,000 in a week. Winners will be announced weekly.
The Flexx account is FCMB’s youth-centric banking product targeted at young people who are actively seeking platforms that allow them express their uniqueness, while building skills for financial success. This is summarised in the description of Flexx as, “An app, a card, an account”, which gives account holders the freedom to bank on the go, using the Flexx Mobile App.
“Today, First City Monument Bank (FCMB) Limited thinks differently”, said Diran Olojo, head of corporate affairs, who enjoined the youth to see love as a virtue that is all encompassing. FCMB said love is more about care, giving, commitment, passion, trust and responsibility for the comfort, protection, security and happiness of the next person with an open mind and genuineness of purpose. The position further goes to define some of the activities engaged in by the Bank which pays close attention to many segments of the Nigerian society.
“At FCMB, it is not all about business at all times. There is a strong propelling philosophy which also drives us to be concerned about the best way to positively affect our immediate environment. How best to reach and impact the less-privileged.
“We always think about the best strategies to adopt to help the needy people in our society. We care about the orphans, the widows, the aged people, our youths and the internally displaced persons (IDPs) who have been affected by insurgency, man-made and other natural disasters. We believe one of the positive outcomes of sound corporate governance, is impacting positively on lives and communities in Nigeria.
“Indeed, as businesses act responsively and boost their performance indices, they should also devote a part of their income to giving back to the society by engaging in various life-changing activities. At FCMB, we have been guided’’.


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