- The list of Nigerian most valuable banks for the first week of 2023 has been revealed
- Zenith Bank and GT Bank are the most valued commercial banks on the Nigerian market at the start of the year
- The banks were ranked based on their market capitalization as of Friday, January 6, 2023
Zenith Bank is starting 2023 as the most valuable commercial banks in Nigeria as the total value of Nigerian banks kicks off 2022 at N3.6 trillion.
According to data collated by Legit.ng from the Nigerian Exchange Group (NGX) Zenith Bank leads the table with a market capitalization of N767.64 billion as of Friday, January 6, 2023.
Zenith's market cap is the highest among the 13 commercial banks listed on the exchange.
Market capitalization refers to how much a company is worth as determined by the stock market.
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Guaranty Trust Bank sits in second place with a market capitalization of N706.34 billion followed by Stanbic IBTC Holdings N433.41 billion.
Banks valuation starting the new year
- Zenith- N767.64bn
- GTB- N706.34bn
- Stanbic- N433.41bn
- First Bank- N400.23bn
- Access- N319.90bn
- UBA- N273.59bn
- Ecobank- N206.43bn
- Union Bank- N202.38bn
- Fidelity- N137.63bn
- FCMB- N73.27bn
- Wema- N50.14bn
- Sterling- N40.30bn
- Unity Bank- N6.42bn
Banks beg Nigerians to avoid a last-minute rush to deposit old notes
Meanwhile, in another report, Nigerian banks have sent out messages to customers as the deadline for returning old naira notes gets closer.
EcoBank for example noted that measures are in place in all branches to ensure seamless, easy, and stress-free cash deposits by customers.
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Naira records first loss of 2023 as expert predicts N1000 to one dollar rate
Also Legit.ng had earlier reported that Naira recorded its first loss in 2023, as the foreign exchange market resumes full activities.
Naira experienced significant losses in 2022, and experts have shared their predictions for 2023.