In the last seven years, Nigerian largest banks have raked in a total profit of $11.8 billion (N4.27 trillion) despite turbulence period of macroeconomic uncertainties and harsh regulatory environment. A breakdown of the figures shows combined profit for the 10 largest lenders was N811.53 billion in 2019, a 7.61 percent increase from N754.18 billion recorded in 2018.
The charts shows companies posted a combined profit of N909.10 billion in 2017, the highest in 7 years, when banks parked their money in government bonds and securities. The introduction of a new foreign exchange policy in June of that year helped lift the country out of recession ease the flow of foreign exchange in the system…
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News Archive from before July 2018