Currency outside banks rises 119% as banks’ reserves up 79%
Peter Egwuatu Currency outside banks in Nigeria more than doubled in three years, rising by 119.3 per cent between August 2023 and August 2026, according to the Central Bank of Nigeria, CBN’s Money and Credit Statistics. The amount of currency outside the banking system increased to N4.874 trillion in August 2026, from N2.223 trillion in […]
Breaking the Nigerian Poverty Cycle through Entrepreneurial Revolution (2)
Thatcher’s radical policies, successfully adapted across the US, Europe and large parts of Asia, sparked off a new world order and confirmed the evolution of global economic powerhouses. For a uniquely placed country like Nigeria, blessed with resources but hexed with endemic problems, these events hold tremendous relevance and opportunity. They are also crucial to Nigeria making progress towards the United Nation’s Millennium Development Goals of eradicating hunger and poverty and improving environmental sustainability, among others.
Banks seek investment outlets for N1tr excess cash
Banks are desperately searching for how to invest the over N1 trillion of excess cash in their vaults. This desperation was reflected in trading for treasury bills (government securities) where banks and other investors demanded for 291 percent more bills than the amount offered for sale by the Central Bank of Nigeria (CBN). Trading results show that banks and other investors demanded for N791.42 billion worth of treasury bills but the CBN offered N202.4 billion.
SKYE bank Plc: Confronting costs in expansion
Skye Bank Plc started the business of banking as Prudent Merchant Bank Ltd in 1990. By 2000, it changed to Prudent Bank Ltd and became a Commercial Bank following approval by regulatory authorities. However, in 2006, during the Soludo-era banking consolidation, Skye Bank Plc emerged following a merger between Prudent Bank, Eko International Bank, Co-operative Bank, Reliance Bank and Bond Bank.
GTBANK Plc Continues to lead in earnings performance
In recent years the Annual General Meeting of Guaranty Trust Bank Plc have been a celebration of what remains the most profitable banking operation in Nigeria. This brand equity has been exported to make the bank a successful international brand. At present the number of foreign subsidiaries with the bank’s Group is 10 with total investment of about N40billion. GTB plans to continue with this growing trend in its global strategy.
Zenith bank Plc: Sustains high Assets Quality
Zenith Bank second generation banks that stormed the Nigerian banking industry with verve and determination to revolutionise the way banking services were operated in the country. From inception the bank alongside a few others established a niche in the mid-upper class market segment and used differentiation and technology to climb the industry ladder within a relatively short period of time.
