Currency

The Currency page provides a centralised interface for managing the different currencies the banking system supports. It lets administrators view and monitor various currencies, their status, and related configurations for international banking operations.

Accessing the Currency Page

1. Log into the Core Banking Application

2. Navigate to Operations in the left sidebar

3. Click on Multi-Currency

4. Select Currency from the submenu

Page Features and Functions

Currency Table Information

The table displays the following columns:

1. S/N: Sequential numbering of entries

2. NAME: Full name of the currency

3. COUNTRY: Country associated with the currency

4. CODE: Standard three-letter currency code

5. SYMBOL: Currency symbol used

6. CURRENCY FLAG: Indicates if the currency is Base or Foreign

7. CURRENCY TYPE: Shows the currency classification (e.g., Fiat)

8. STATUS: Displays the current status of the currency (Active/Inactive)

Understanding Currency Classifications

Currency Flags

1. Base Currency

   • Represents the local currency (e.g., Nigerian Naira)

   • Only one currency can be designated as Base

   • Used for primary accounting and reporting

2. Foreign Currency

   • All non-local currencies

   • Used for international transactions

   • Subject to exchange rate fluctuations

Currency Types

• Fiat: Traditional government-issued currencies

Status Indicators

• Active: Currency is currently in use and available for transactions

• Inactive: Currency is currently disabled or not available for use