Fcmb opens n20b commercial paper programme

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FCMB Opens N20b Commercial Paper Programme

First City Monument Bank (FCMB) has announced the opening of a N20 billion commercial paper programme, aimed at raising funds to support its business growth and expansion plans.

According to a statement by the bank, the commercial paper programme is designed to provide a flexible and cost-effective way to access short-term funding, which will enable FCMB to meet its short-term liquidity needs and support its lending activities.

The commercial paper programme, which is expected to run for a period of 12 months, will be used to issue short-term debt securities with tenors ranging from 30 days to 270 days. The programme is rated "Aa" by Agusto & Co, a leading credit rating agency in Nigeria.

FCMB's Group Managing Director, Ladi Balogun, said the commercial paper programme is part of the bank's strategy to diversify its funding sources and reduce its reliance on traditional sources of funding. He added that the programme will also help the bank to improve its liquidity and enhance its ability to meet the financial needs of its customers.

The commercial paper programme is expected to be a significant milestone for FCMB, as it marks the bank's entry into the commercial paper market. The programme is expected to be well-received by investors, given FCMB's strong financial position and its reputation as a leading financial institution in Nigeria.

Overall, the opening of FCMB's N20 billion commercial paper programme is a positive development for the bank and the Nigerian financial market, as it provides an additional source of funding for the bank and demonstrates its commitment to diversifying its funding sources.