- About 10 banks in Nigeria have released their foreign exchange earnings for the first nine months of 2022.
- UBA, Union Bank, Access Bank and others showed varying levels of foreign exchange earnings for the period under review
- The Central Bank of Nigeria blamed the dip in foreign reserves of Nigeria on the pressure from people leaving the country
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About 10 banks in Nigeria have published their dollar earnings for the first nine months of 2022.
A forex income data of 10 banks in Nigeria shows that six of the banks recorded a year-on-year dip in forex earnings in the period under review. One posted a loss.
Banks with highest, lowest foreign exchange earnings
A BusinessDay report said Union Bank’s earnings increased to N4.8 billion as of September, showing a 41 per cent increase from N3.4 billion in the same period of 2021.
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UBA’s forex income spiked by 40.6 per cent to N38.4 billion from N27.3 billion.
Access Bank had a foreign exchange income of N96.9 billion, an 11.6 per cent increase from N86.6 billion recorded in the same period last year.
However, Fidelity Bank recorded a 75 per cent drop in foreign exchange earnings at N2.4 billion from N9.6 billion in the same period last year.
Sterling Bank’s forex earnings dipped to N1.5 billion, indicating a 66 per cent decline from N4.5 billion in the same period of 2021.
First Bank recorded a 64 per cent dip in forex earnings of N2.1 billion from N5.9 billion in the period under review.
Wema Bank had N123 million in forex earnings, a 40.5 per cent drop from N207 million in September 2021.
GTCo recorded N11.6 billion as foreign exchange income in 2022, a 25 per cent drop from N15.5 billion.
Stanbic IBTC Holdings had an 8.2 per cent decline in its foreign exchange earnings at N16.8 billion from N18.3 billion.
Zenith Bank recorded an FX loss of N11.1 billion as of September 2022, compared to N15.4 billion earned in the same period last year.
Zenith Bank Plc recorded a foreign exchange loss of N11.1 billion as of September 2022, compared to N15.4 billion in the same period last year.
CBN blames student visa issuance for fall of naira
The development is coming as the Central Bank of Nigeria (CBN) disclosed that oil earnings into forex reserves have dried up.
The CBN governor, Godwin Emefiele, stated this on Saturday, November 26, 2022, at Chattered Institute of Nigeria (CIBN) event.
According to Emefiele, the CBN used about $2.6 billion of the $3 billion crude oil earnings to defend the naira.
He said the number of Nigerians issued visas by the UK government spiked exponentially to about 66,000, an all-time high, in 2022.
He said the $3 billion crude oil earnings have dried up as Nigeria battles forex scarcity which has piled pressure on the local currency.
UK Government says Nigerian students’ dependents highest than any country, tightens rules on student visa
Legit.ng reported that the United Kingdom government has released the number of Nigerian students and their dependents in the country.
The country said dependents of Nigerian students in the UK have ballooned by 3,156 per cent to 51,648 in September 2022.
The number is up from 1,586 in 2019, according to new immigration data.