• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Companies Company News

Despite Profits of N6.5b from FX Sales, GTB CEO Says Naira Should Be Devalued by 10%

Nairametrics by Nairametrics
August 25, 2015
in Company News, Currencies
Despite Profits of N6.5b from FX Sales, GTB CEO Says Naira Should Be Devalued by 10%
Share on FacebookShare on TwitterShare on Linkedin

The CEO of Nigeria’s most efficient bank, GTB’s Segun Agbaje has called for the devaluation of the Naira. The CEO made this remark during a conference call with investors on its most recently released results.

According to Mr Agbaje

“There’s only one way the currency can go…. as a country, we have to make the difficult decision. At the current oil price and with what’s happening in the world, we’ll have to deal with some measure of devaluation.” A devaluation of about 10 percent against the dollar would be enough for the naira to settle”

Mr Agbaje is basing his support for a devaluation on the back of persistent decline in crude oil prices which have spooked foreign investors and prompted them to exit naira-denominated assets.

RelatedStories

Middle East crisis: Oil prices could hit $140 in 2024 

Global oil price hits $80 per barrel as traders expect US sanction of Russian oil fleets  

January 10, 2025
What Israeli-Hamas war means for Nigeria’s economy 

Oil prices near $80 over fears of further conflicts in the Middle East 

October 7, 2024

What he however was not captured within the context of all of this is the fact that the bank made N6.5 billion in Foreign Exchange Gain in the first half of this year along up 565% from same period last year. The bank also recorded a N7.5billion in capital appreciation of its FX reserves.

GT Bank is not the only Nigerian bank that has made money of Forex. Zenith for example made N5.3billion in the first half of this year on Forex and N2.5b on revaluation gain. Access Bank also posted N7.9b on Forex gains.

 

Tags: GT BankNews ReviewOil & Gasoil price
Nairametrics

Nairametrics

Nairametrics is Nigeria's top business news and financial analysis website. We focus on providing resources that help small businesses and retail investors make better investing decisions. Nairametrics is updated daily by a team of professionals. Post updated as "Nairametrics" are published by our Editorial Board.

Related Posts

Middle East crisis: Oil prices could hit $140 in 2024 
Energy

Global oil price hits $80 per barrel as traders expect US sanction of Russian oil fleets  

January 10, 2025
What Israeli-Hamas war means for Nigeria’s economy 
Energy

Oil prices near $80 over fears of further conflicts in the Middle East 

October 7, 2024
Naira
Currencies

Naira rises 1.69% in I&E Window as global crude prices approach $80 

October 5, 2024
NUPRC,
Exclusives

Haril Global Solutions asks Court to unfreeze its N1.1 billion, cites alleged misrepresentation by EFCC, Globus

July 23, 2024
GTCO,Afex Commodities Exchange
Bank Recapitalization

What GTCO plans to do with its N400.5 billion capital raise

July 9, 2024
Oil price concept
Energy

Oil price to rise above $90 per barrel if Israel-Iran conflict continues – Report  

April 14, 2024
Next Post
Sunday Oliseh Rings Closing Bell On Nigerian Stock Exchange

[IT'S GETTING WORSE] How Nigerian Stocks Performed on Tuesday

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank








DUNS

Recent News

  • Sterling Bank to raise $400 million via debt and equity instruments to strengthen growth capacity and balance sheet 
  • South-West doctors threaten strike over unfavorable allowances, issue 21-day ultimatum to FG
  • 15 things you don’t need to start a business in Nigeria 

Follow us on social media:

Recent News

Sterling Bank concludes core application migration, leads the way for African Banking

Sterling Bank to raise $400 million via debt and equity instruments to strengthen growth capacity and balance sheet 

July 15, 2025
Doctors

South-West doctors threaten strike over unfavorable allowances, issue 21-day ultimatum to FG

July 15, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics