Subsequent to the agreement reached by the Bankers’ Committee to publish the returns on utilisation of funds bought from the Central Bank of Nigeria (CBN), a review by THISDAY of the returns published on Thursday by all the Tier 1 banks, including Stanbic IBTC Limited and Diamond Bank Plc for the first two weeks of February, has shown that Stanbic IBTC Limited with total of $23,615,680.90 reported the highest amount of forex purchased from the CBN on behalf of its customers.
Stanbic IBTC was followed by First Bank of Nigeria Limited (FirstBank) and Guaranty Trust Bank Plc (GTBank), with $19,774,888.26 and $19,709,354.41, respectively.
Also, Zenith Bank Plc with total returns of $18,707,309.97 came in fourth, while Diamond Bank reported returns of $17,515,474.
Access Bank reported returns of $16,982,208.04 to occupy the sixth place, while the United Bank for Africa Plc (UBA) reported returns of $12,045,150.76.
By Thursday, only seven banks had published their returns on utilisation of funds purchased from the CBN, with others expected to do so today.
The publications from the banks showed that divestment by foreign portfolio investors from the equities and bond markets accounted for a largest chunk of forex, in terms of value, bought by Stanbic IBTC from the CBN, cementing its place as the largest stockbroking firm in the country. Read more HERE
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