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.
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
World
U.S. Immigration: Japan, India are xenophobic countries, says Biden
“Immigrants are what makes us (the United States) strong,” the 81-year-old U.S. president said.
Faith
Religious freedom ‘extremely poor’ in Nigeria; government slow in responding to attacks: USCIRF
USCIRF expressed disappointment that India and Nigeria were not designated as CPCs.
Faith
2024 religious freedom report recommends U.S. designate Nigeria, Afghanistan, Saudi Arabia, India as ‘Countries of Particular Concern’
In its 2024 Annual Report, USCIRF recommends 17 countries to the U.S. Department of State for designation as Countries of Particular Concern (CPCs).
NationWide
Trailer Crashes: FRSC begins sensitisation, stakeholders’ engagement
A major fire-related crash claimed 19 lives on April 28 at Okene bypass on the Okene-Lokoja highway in Kogi.
NationWide
Nigeria should use nuclear power to generate electricity, says atomic energy commission
SSSG George Akume said Nigeria could obtain a nuclear reactor for electricity generation.
World
Mother, son charged with $1 million fraud scheme
If convicted, both face up to 20 years in federal prison and a possible $250,000 maximum fine for each count.