Banking
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.
