A report has detailed the value of loans collected by Nigerians from commercial banks in the country which have passed the repayment date to be nothing less than N418,000,000,000.
According to the report of Legitng, the loans are considered non-performing by the bank because the interest and principal amount are unpaid.
It was gathered that at least nine banks were captured in the report. Some of the banks include; Access Holdings Plc, Guaranty Trust Holding Plc, Zenith Bank Plc, Wema Bank Plc, FCMB Group, Union Bank of Nigeria Plc and Stanbic IBTC Holdings Plc, United Bank for Africa Plc, and Ecobank Nigeria.
The data in the report revealed that as of the end of December 2021, the non-performing loan portfolio of ten Nigerian banks had grown to N814.08 billion. The stock of nonperforming loans as of 2021 represents a 3.16 per cent increase over the N789.14 billion it stood at the end of 2020.
A breakdown showed that Access Holdings, Zenith Bank and GTCO reported the top three highest NPL by value among the nine banks, while Stanbic IBTC Holdings reported the lowest.
Access Bank in 2021 reported N181.5bn NPL by value, representing an increase of 4.3 per cent from the N161.2bn it recorded in 2020, while Zenith Bank’s NPL hit N146.8bn in 2021 from N125.2bn recorded in 2020, an increase of 17.3 per cent.
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Wema Bank, in 2021, reported N21.3bn NPL, an increase of 19.3 per cent from N19.3bn in 2020, while FCMB Group’s NPL rose to N45.93bn, representing a 61 per cent increase from N28.57bn it reported in 2020.
Others are Union Bank of Nigeria with N38.66bn NPL in 2021 from N29.45bn reported in 2020, as Stanbic IBTC Holdings reported a 23.4 per cent drop in its NPL to N20.3bn in 2021 from N25.5bn in 2020.
Furthermore, GTCO’s NPL value rose by 2.3 per cent to N113.94bn in 2021 from N111.43bn reported in 2020, while UBA closed 2021 with N96.5bn NPL value from N120.08bn reported in 2020, indicating a significant reduction in its NPL.
In addition, ETI Nigeria reported N149.15bn NPL by value in 2021 from N167.41bn in 2020, a decline of 11 per cent.
Meanwhile, Naira has plunged against the U.S. dollar on Monday with a 0.60 per cent depreciation at the official market.
According to FMDQ, where forex is officially traded, the naira which opened trading at N417.30 closed at N421.50 to a dollar at the close of business on Monday.
This implies N2.50 or 0.60 per cent devaluation from N419.00 it exchanged hands with the greenback currency Friday, last week.
This is the second lowest level the naira exchanged officially with the dollar in five months after closing at N422.67 to a dollar on January 5, early this year, and the first time it stretched across the N417.00 and N419.00 and above benchmark it has been trading in the past four months.
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The naira reached an intraday high of N410.00 and slipped to a low of N444.00 before closing at N421.50 per $1 on Monday.
Forex turnover plummeted by 58.3 per cent with $70.68 million recorded at the close of business on Monday against the $169.38 million posted in the previous session last week Friday.
While the local currency touched N600.00 mark at the parallel market on Monday.
According to reports, in Uyo, currency dealers exchanged the naira at N595.00 and sold within the range of N596.00 and N600.00 to a dollar, while Abuja black market dealers at Wuse zone 4 said the currency was exchanged at N594.00 and sold at N595.00 per $1 on Monday.
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