Ten Nigerian banks lose more than 87 billion naira in one week due to naira scarcity

Ten commercial banks in Nigeria lost N87.4 billion in market value in one week of trading activity (March 2, 2023 to March 10, 2023) on the Nigerian Stock Exchange.

This comes amid the difficulties Nigerians face in accessing cash, and bank branches are closing earlier than usual for fear of attacks.

Banks affected include some of the largest in the country, such as First Bank, Zenith Bank and Access Bank.

First City Monument Bank, Guaranty Trust Bank, Unity, United Bank for Africa, Sterling Bank, Stanbic bank and Jaiz bank also suffered significant losses.

Distribution of bank losses

The biggest loss was suffered by First Bank, whose share price fell from N11.65 per share on March 2 to N11 per share on March 10.

This resulted in a staggering N23.3 billion loss for First Bank shareholders, as the market value of the bank fell from N418.1 billion on March 2 to N394.8 billion on March 10.

Zenith Bank followed suit in terms of banks with the biggest loss, with 18.8 billion naira wiped from the value of the bank.

READ ALSO: From Earning Over 130,000 Naira A Month To Earning Nothing, POS Operators Lament Naira Scarcity

Zenith Bank’s market value stood at N828.8 billion on March 2, while the share price was N26.4. However, the bank’s market value fell to 810 billion naira on March 10, with its share price falling to 25.8 naira per share at the end of trading.

During the same period, UBA’s share price declined from 8.7 Naira on March 2 to 8.25 Naira on March 10, causing the bank’s market value to fall by 297.5 billion Naira. at N282.14 billion and a loss of N15. 3 billion during the week under review.

Other banks that suffered market value losses during this period include Access Bank whose market value declined from N330.5 billion to N325.2 billion resulting in a loss of N5.33 billion naira.

The market value of FCMB fell from 88.7 billion naira to 85.3 billion naira, resulting in a loss of 3.36 billion naira. The market value of GTB fell from N785.8 billion to N779.9 billion resulting in a loss of N5.8 billion.

Unity Bank’s market value fell from N66.6 billion to N60.7 billion resulting in a loss of N584.4 million. The market value of Sterling Bank fell from N44.6 billion to N43.1 billion resulting in a loss of N1.43 billion.

Finally, the market value of Stanbic Bank fell from N531.2 billion to N518.2 billion resulting in a loss of N12.9 billion.

The market value of Jaiz Bank fell from N31.4 billion to N31.08 billion resulting in a loss of N345.4 million.

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