Ecobank Transnational Incorporated, a pan-African banking conglomerate, with banking operations in 36 African countries, has injected $64 million into its Nigerian unit after its decision to adopt a different exchange rate for the naira to the one supported by the Central Bank of Nigeria.
Ecobank said its board decided in November to adopt a market exchange rate of 364 naira to the dollar, a move away from Nigeria’s official exchange rate of 306 naira to a dollar.
According to Reuters, the weaker rate is more commonly used in trading and has more liquidity than the official exchange rate.
The bank’s Nigerian unit also recently unveiled an initiative for female entrepreneurs. The initiative was designed to recognise women as special and unique customers who require tailor-made service offerings.
The concept is designed to provide women with the necessary support to help them excel in their endeavours, promote and grow their businesses and generally position them for increased participation, validation and contribution within the society.
Managing Director of Ecobank Nigeria, Patrick Akinwuntan, who unveiled the initiative, said “increasingly, we are seeing the change in the attitudes of women, and their economic viability as individuals and leaders in their fields. Their banking and financial services as a whole, therefore present vast opportunities, if properly understood and managed”.