Friday, March 29Inside Business Africa
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Tag: Union Bank

IFC, Union Bank partner to boost access to trade finance in Nigeria

IFC, Union Bank partner to boost access to trade finance in Nigeria

Finance
The International Finance Corporation (IFC), a member of the World Bank Group, has partnered with Union Bank Plc to boost access to finance for local business and increase international trade for Nigeria.   According to the organisations, the financial guarantee facility would help ease the impact of the COVID-19 pandemic on the country’s economy. The $40 million facility under IFC’s Global Trade Finance Programme (GTFP), will support Union Bank to establish working partnerships with nearly 300 major banks within the GTFP network, thereby broadening access to finance and reducing cash collateral requirements for Nigerian businesses. The facility would enable the continued flow of trade credit into the Nigerian market at a time when imports are critical, and the country’s...
Sell-offs persist as investors wealth depreciate further by 0.33%

Sell-offs persist as investors wealth depreciate further by 0.33%

Capital Market
Following sell pressure in most blue chip stocks, transactions on the Nigerian Stock Exchange  (NSE), continued on a downturn yesterday, causing the All-Share Index (ASI) to slip further by 0.33 per cent. At the close of trading yesterday, the ASI dropped 84.91 absolute points, a 0.33 per cent dip to close at 25,497.32 points. Similarly, the overall market capitalisation shed N44 billion to close at N13.302 trillion. The downturn was impacted by losses recorded in large and medium value stocks, including Guaranty Trust Bank, Guinness Nigeria, Zenith Bank, Union Bank of Nigeria (UBN), and Arbico Plc. Capital market analysts noted that the downtrend was supported by value depreciation recorded in share prices of some tier one banks, as investors continue to book profit given the rece...