The naira fell further to the dollar on Wednesday after closing at 950/$ at the parallel market.

Bureau de Change operators who spoke to The PUNCH, said the naira which had earlier closed at 930/$ at the close of operations on Tuesday, was bought and sold at 935/$ and 950/$ on Wednesday.

At the Investor & Exporter forex window, the naira closed at 758.12/$ on Wednesday, from 742.10 on Tuesday, according to figures obtained from the FMDQ, the official trading platform.

A BDC operator, Yusuf Kareem, who spoke to The PUNCH said, “We commenced trading at 930/$ in the morning and it closed at 950/$ in the evening. The naira has been scarce; we don’t know what is happening.”

Another BDC operator, Sanusi Ibrahim, said, “the naira was bought and sold at 935/$ and 950/$ today. We don’t know what will happen tomorrow.”

External reserves fall by $915m after naira float

The Association of Bureaux De Change Operators of Nigeria, recently, urged the Central Bank of Nigeria to grant Bureaux De Change operators digital autonomy to achieve exchange rate convergence.

In a statement, the President, ABCON Dr. Aminu Gwadabe, called on the apex bank to grant a no objection approval for the BDCs to fully go digital on all their operational correspondences.

He said the move would promote rate convergence, curb volatility in the market and promote economic growth.

ABCON had in the past, led its members to achieve rate convergence in 2006, 2009, 2018 to 2020 before the outbreak of COVID-19 in 2020, he said.

Granting digital autonomy to the operators, he noted, would lead to a true market rate discovery, enhance the achievement of the Federal Government harmonised foreign exchange rate policies, and promote effective monitoring of BDCs’ transactions for statutory and regulatory requirement.

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…Provides local funding for stock purchase

Polaris Bank, in its show of commitment towards empowerment of Small and Medium-sized Enterprises (SMEs), is pleased to announce a strategic partnership with Export and Sell (EAS), a renowned expert in export solutions, to train and subsequently fund over 1,000 successful SMEs on export opportunities to the USA via Amazon and other international platforms.

Polaris Bank is leveraging the expertise of EAS as an intermediary between Online and African Stores in the US, UK and Nigerian businesses, for supply of Raw foodstuffs and other items from Nigeria. With a focus on e-commerce sales through Amazon, the training provides in-depth exposure to Nigerian SMEs on export opportunities and sales expansion into the American market. The training will provide an opportunity to educate SMEs on how to find buyers and how to meet specifications for export, especially into the US market.

The training programme is slated to commence in October 3, 2023 as a hybrid model, with in-person sessions slated to hold in Port Harcourt, Abuja and Lagos. Subsequently intensive sessions will hold for four days with over 1000 successful SMEs; many of whom could access facilities of up to ₦20m for SMEs and ₦1billion for large corporate.

This collaboration aims to equip SMEs with the knowledge and tools required to successfully export their products.

In today’s global marketplace, SMEs face unique challenges, including, access to financing, shipping, product registration and finding buyers for their business. Polaris Bank recognizes the importance of fostering economic growth by supporting SMEs, as the backbone of the Nigerian economy. Through the partnership with EAS, Polaris Bank is taking a significant step towards fulfilling its commitment to SME growth and development in Nigeria.

The partnership and training programme, will provide SMEs with a comprehensive understanding of onboarding on Amazon and exporting successfully to the USA, with insights on export credit insurance and risk mitigation strategies. Participants will gain insights into available funding windows provided by Polaris Bank as well as be equipped on how to leverage them effectively.

The training sessions will be led by industry experts from both Polaris Bank and EAS, ensuring that participants receive the highest quality education and guidance.

Commenting on the Export and Sell Business Model, Polaris Bank’s Group Head, Products & Market Development, Adebimpe Ihekuna expressed enthusiasm for the partnership, stating, “At Polaris Bank, we understand the pivotal role SMEs play in driving economic growth. Through our collaboration with EAS, we aim to empower SMEs with the knowledge and tools necessary to access export financing opportunities and compete effectively on the global stage. This partnership underscores Polaris Bank’s commitment to SME development and Nigeria’s economic prosperity.”

A BusinessDay news article published on March 23, 2023, quoting Nigerian Bureau of Statistics (NBS) indicated that a total of N598.2billion worth of agricultural produce were exported in 2022, accounting for 18.5 percent increase when compared to the figure recorded in 2021.

Polaris Bank was adjudged Digital Bank of the Year in 2021 and 2022 by Business Day’s Banks and Other Financial Institutions (BAFI) Awards. It also emerged as the best MSME Bank because of its ability to use technology to enable bottom-up support to the MSME sector.

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Polaris Bank held the first draw in her ongoing Polaris ‘Save & Win’ promo where 50 persons emerged winners. 

The development is in line with the Bank’s commitment to rewarding its loyal customers across the nation.

The Bank, said winners emerged through a draw exercise which was witnessed by relevant Agencies of government; Federal Competition & Consumer Protection Commission (FCCPC), National Lottery Commission (NLRC) and Advertising Regulatory Council of Nigeria (ARCON) who confirmed that the 50 lucky winners were selected from various regions spanning the six geo-political zones of Nigeria.

Each winner received a cash prize of N10,000. The draw which took place at the Bank’s headquarters in Lagos, further underscored Polaris Bank’s dedication to fairness in all its promotions and activities.

During the draw, winners were called at random using a hybrid media technology which enabled in-premises event; as well as participation of over 1000 customers through the Bank’s virtual network and social media handles.

One of the winners commended the Bank in putting in place the promo at this time which he said was relevant saying “Thank you to Polaris Bank, this money definitely came in at the right time, I will make sure to tell my friends to open accounts with the Bank and participate in the promo so we can all enjoy this money”.

Speaking at the live draw event, the representative from FCCPC; Susie Onwuka said, “We’ve been monitoring Polaris Bank since the promo started and it has been fair, they comply to rules and guidelines. Customers should feel free and confident to participate in the promo”.

During the unveiling of the winners, Polaris Bank’s Group Head, Brand Management & Corporate Communication, Mr. Nduneche Ezurike, also expressed the Bank’s commitment to encouraging a culture of savings among its customers. “The Polaris Bank Save & Win promo is not just about rewarding customers; it’s also about encouraging our customers to save for the rainy day”.

He emphasized that customers can still participate in, or increase their chances of winning by depositing a minimum of N10,000 in their Savings account. He also noted that non-customers of the Bank can participate for a chance to win in the draws by opening a Polaris Savings account with N2,000 and growing same to N10,000 before the next draw date.

The representatives of the regulatory bodies commended the Bank for making good its promise to winners of the draws.

For those wishing to be part of the Campaign, below are four (4) ways to participate in the ongoing Polaris Save & Win promo:

1. Download VULTe on iOS and the App store to open a Polaris Savings Account or dial USSD *833*0# on your phone or log into Polaris Bank savings portal.

2. Grow your account by N10,000 or more and maintain for 30 days or by N10,000 for 3 consecutive months to qualify for monthly & quarterly draws respectively.

3. If your account is dormant, you can reactivate your account without visiting the Bank by simply dialing *833*30#.

4. Follow the Bank’s handles @polarisbankltd across all social media platforms or visit the website to stay updated.

Polaris Bank, adjudged Digital Bank of the Year 2021 and 2022, is a future-determining Bank committed to delivering industry-defining products for individuals and businesses.

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