Banks loose over N87b in couple of weeks due to cash scarcity

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BY SULE TAHIR

At least ten commercial banks in Nigeria have lost N87.4 billion in market value within a week of trading activities (March 2nd, 2023 to March 10th, 2023) on the Nigerian Exchange. This is happening amidst the difficulties facing Nigerians in accessing cash, and bank branches are shutting down earlier than usual closure hours due to fear of attacks.

Reports has indicated that the affected banks include some of the largest in the country, such as First Bank, Zenith Bank, and Access Bank.

First City Monument Bank, Guaranty Trust Bank, Unity, United Bank for Africa, Sterling Bank, Stanbic bank, and Jaiz bank also suffered significant losses.

Most customer’s of commercial banks express concern and call on government to have a rethink on the matter.

“Honestly Nigerians are suffering under the pretext of naira swap as it crippled most of the socio political and economic potentials of Nigerian’s as it has an adverse effect”.

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