The Bank provides the following services:
- Cash Management
- Funds Mobilisation
- Portfolio Management
- Interbank Dealings
- Pricing/Rate Management
Products and services offered by the bank include:
Call Deposit
- This instrument allows the customer to save and earn interest.
- Funds can be placed on overnight, 7-day or 14-day call.
- It is easily accessible.
Fixed Deposit
- Minimum deposit is N50,000.00
- Tenor ranges from one month to one year.
- Interest paid at every maturity
- At maturity, the deposit could be rolled over.
- The product is subject to 10% withholding tax
Treasury Bills
- Treasury bills are government guaranteed debt instruments issued by the Central Bank of Nigeria (CBN)
- The Bank, on behalf of customers, purchases / sells Treasury Bills
- Interest is payable upfront
- Repayment is guaranteed at maturity
- It can be used as collateral for loans and other credit facilities
- Tenor ranges from 91 days, 182 days, and 364days
- Interest received is not subject to withholding tax
.
Bankers Acceptances (BAs)
- It is a short-term investment instrument
- Provides an avenue for corporate & other customers to invest surplus funds
- The rates are more attractive
- Interest is payable upfront
- At maturity, the investment could be rolled over
- Tenor ranges from 31 days ,91 days 182days and 364 days
- Investment is secured in the event of borrower's failure
- Backed by the bank's guarantee
Commercial Paper
- It is a negotiable instrument
- An unsecured promissory note
- Issued by companies, pension funds, government agencies, individuals, etc.
- The note offered depends on how much the issuer wants to borrow, money market rates & credit rating of the issuer
- Cheaper than other sources of funds
- Most firms use the funds to finance short-term working capital
- Tenor ranges from 31 days, 91 days and 364 days.
- Both BAs and CP are arranged by the Bank to provide facilities to customers, in addition to the more familiar bank overdrafts.
Nigerian Inter-bank Settlement System (NIBSS)
- This enables customers to transfer funds between banks/discount houses
- Secure and convenient means of payment
- Charges 0.01% of amount transferred by NIBSS
CBN Interbank Transfer Settlement
- This also enables customers to transfer funds between banks and other financial service institutions
- Through the Real-Time Gross Settlement System (RTGS) third party and interbank transfer are easily achieved.
Federal Government Bonds (FGN Bonds)
- Instruments issued by the CBN on behalf of the FGN
- The Bank, on behalf of customers, purchases and sells FGN Bonds
- This is a long-term investment (over 2 years)
- Interest received is not subject to any form of taxation
- Repayment is guaranteed at the maturity of the FGN Bond
- FGN Bond can be used as collateral for loans and other credit facilities
- Easily tradable on the Nigerian Stock Exchange as well as over the counter
| | | Series | Maturity | Bid | Offer | Yield | Coupon |
| 1 | 3rd FGN | 11 | 28/7/09 | 107.10 | 107.40 | 8.89 | 12.50 |
| 2 | 3rd FGN | 12 | 25/8/09 | 106.10 | 106.40 | 8.99 | 12.00 |
| 3 | 3rd FGN | 13 | 29/9/11 | 112.50 | 113.10 | 9.44 | 12.99 |
| 4 | 3rd FGN | 14 | 27/10/13 | 112.70 | 113.30 | 10.03 | 12.74 |
| 5 | 3rd FGN | 15 | 24/11/13 | 100.00 | 100.60 | 10.97 | 10.98 |
| 6 | 3rd FGN | 16 | 24/11/13 | 100.00 | 100.60 | 10.97 | 10.98 |
| 7 | 4th FGN | 1 | 25/8/09 | 104.10 | 104.40 | 8.73 | 10.75 |
| 8 | 4th FGN | 2 | 23/2/12 | 100.00 | 100.60 | 9.50 | 9.50 |
| 9 | 4th FGN | 3 | 30/3/14 | 103.30 | 103.90 | 10.07 | 10.75 |
For further information, contact
Assistant General Manager,
Treasury Department,
3rd Floor, 40, Marina, Lagos, Nigeria.
Dealers' lines are: 234-1-2660292, 2640269, 2660237, 2661943, 2640931.
