GTCO posts $468 million profit from selling foreign currencies
Guaranty Trust Holding Co. (GTCO) has reported a $468 million gain from its foreign exchange assets, Bloomberg has reported.
According to a regulatory filing, the company that runs Guaranty Trust Bank reported foreign exchange gains of 357.5 billion naira ($468 million) for the six months ending June 30.
This, according to the report comes after the company revaluated its foreign holdings in response to the 40 per cent depreciation of the naira. This also helped it gain more than treble profit to 278.5 billion naira.
Guaranty Trust Holding Co. rose 3.5 per cent in Lagos, heading for the biggest gain since July 21.
In order to draw foreign investment and support the faltering economy, the federal government had taken many steps to strengthen the naira by unifying the currency. But this has caused the naira to weaken, which, according to analysts, has in turn caused the economy to collapse.
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