February 3, 2023

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Citibank, Normal Chartered lead different banks in greenback inflows to Nigeria


Citibank, Normal Chartered, and Stanbic IBTC led the listing of banks with the very best greenback inflows into the Nigerian economic system within the first half of the 12 months, statistics launched by the Nationwide Bureau of Statistics (NBS) has revealed.

Citibank attracted $889.9 million into the Nigerian economic system within the first half of 2022, accounting for 28.6 per cent of the overall capital importation recorded within the interval underneath evaluation.

Additionally, a complete of $866.44 million was routed by means of Normal Chartered Financial institution Nigeria, which represents 27.9 per cent of the overall.

Stanbic IBTC adopted with an influx of $415.44 million, representing 13.4 per cent of the overall inflows into Nigeria.

Apparently, the highest banks on this hyperlink are subsidiaries of worldwide banks, Citibank Nigeria being owned by Citibank Abroad Funding Company, a subsidiary of Citibank N.A (USA). In the identical vein, Normal Chartered is a subsidiary SC, which is a British multinational banking and monetary companies firm headquartered in London.

Listing of the opposite banks included Zenith Financial institution which attracted $221.26 million, Ecobank Nigeria bought $152.75 million whereas Entry Financial institution additionally attracted $101.14 million within the Nigerian economic system within the first half of 2022.

First Financial institution of Nigeria attracted $90.48 million, Union Financial institution of Nigeria introduced $88.96 million whereas FCMB and Rand Service provider Financial institution attracted $72.22 million and $70.4 million respectively.

Nigeria attracted $3.11 billion as overseas inflows within the first half of 2022, an 11.8 per cent improve in comparison with $2.78 billion obtained within the corresponding interval of 2021.

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When in comparison with the earlier interval, capital inflows declined by 20.7 per cent from $3.92 billion attracted within the second half of 2021.