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
Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices
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.”
Showbiz
Kamsy emerges third housemate evicted from BBNaija Season 11
Her departure came as a fresh reminder that popularity inside the house does not necessarily translate into enough public votes.
Sport
Cameroon beat Malawi 3-0 to win first WAFCON title
Cameroon thus became the fourth nation to win the WAFCON, joining record champions Nigeria, Equatorial Guinea and South Africa.
NationWide
Alake warns illegal operators against mining abandoned pits
The minister said the tragedy could have been averted if the illegal miners formed a cooperative and applied for the necessary permit.
States
Police arrest Kogi man for setting wife on fire
The state Commissioner of Police, Naziru Kankarofi, condemned the attack, describing it as “barbaric and unacceptable.”
Showbiz
Spider-Man: Brand New Day’ rakes $2 billion at global box office
Marvel and Sony’s “Spider-Man: Brand New Day” has grossed $2 billion at the global box office after only three weeks in theatres
