* Six banks generated N145.6bn income from trading in FX in 9months
BDC Ban: Banks smile as FX income hits new levels
* Six banks generated N145.6bn income from trading in FX in 9months
A nation of many victims and the more you look, the less you see: “With Central Bank of Nigeria (CBN) suspending Foreign Exchange (FX) supply to Bureau De Changes (BDCs), a total of six banks in nine months of 2021 generated N145.6billion income from trading in FX. The six banks in prior nine months of 2020 had generated a total of N47.16billion from trading in the FX market.”
Tufiakwa. Can this be all the noise? Should the National Assembly investigate why indeed the BDCs were suspended, and how suddenly banks are smiling!
Poor Naira, you are suffering there against other currencies while banks are making real money on you. Naira, shine ya eyes..
For instance, Sterling Bank reported N4.75billion from FX trading in nine months of 2021 from N128million reported in nine months of 2020, while Wema Bank grew its FX trading income by 47 per cent to N207million in nine months of 2021 from N141 million in nine months of 2020.
The likes of Union Bank of Nigeria reported N3.44billion FX trading income in nine months of 2021, an increase of 51.05 per cent from N2.28billion reported in nine months of 2020.
Tekedia
