Access Bank Swaps $50m with JP Morgan

By Modupe Gbadeyanka

Data from the Central Bank of Nigeria has shown that in January 2017, Access Bank Plc swapped $50 million with JP Morgan.

This swap, according to Reuters, was done at the rate of N400 per Dollar.

In the same vein, the commercial bank went into a similar deal with a foremost South African lender, ABSA.

According to the report, Access Bank made the swap of $100 million with ABSA at the rate of N329 per Dollar.

This made the total amount swapped by Access Bank in January 2017 with the two foreign financial institutions to $150 million.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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