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Stanbic IBTC Adds 32.91% to Nigeria’s Forex Inflow in Q2

By Modupe Gbadeyanka

The National Bureau of Statistics (NBS) has revealed that in the second quarter of 2017, foreign capital inflow into Nigeria through Stanbic IBTC was at $589.84 million.

The stats agency said this figure accounts for 32.91 percent of the $1.8 billion total value of capital brought into the economy in the period under review.

This, it further disclosed, represented an increased from the 9.12 percent share it recorded in the first quarter of the year.

NBS said in its report released earlier this week that the second financial institution with highest value of inflows was Citi Bank Nigeria, which accounted for 19.12 percent share or ($342.7 million) of capital importation, also up from a share of 5.12 percent recorded in the first quarter of the year. The financial institution to account the third largest capital import share was Standard Chartered Bank, which recorded a share of 18.7 percent, down from the 25.4 percent share it reported in the first quarter, however in absolute terms, it was $103.7 million more than the amount it reported in the first quarter of the year.

The NBS said altogether, these three banks (Stanbic IBTC, Citi Bank Nigeria and Standard Chartered Bank) accounted for 70.7 percent or $1,267.8 million of total capital importation during the quarter, while the other 22 banks accounted for the balance.

Stanbic IBTC Bank Plc is a leading provider of integrated financial services, pensions and wealth management products and services in Nigeria.

With We offer all our clients a wide range of personal and commercial banking products through over 180 branches spread across every state in Nigeria and our online banking platforms.

We offer current, savings, and domiciliary accounts; personal loans, vehicle and asset finance; MasterCard debit cards, Visa credit cards; home loans; internet banking; small and medium scale enterprise (SME) loans and the award-winning *909# MobileMoney.

We cater for both individuals and businesses through carefully designed retail and business banking products. We also offer self-service channels powered by sophisticated technology to bring convenient banking to customers.

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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