'We are, however, focused on clear-cut plans to close out on our recapitalization programme very soon to enable us to do business as expected in the fast-growing markets in Nigeria,' the bank said.
, says it is focused on recapitalisation in light of the prevailing foreign exchange revaluation in the financial system.
“In the light of the prevailing FX revaluation in the financial system, what we have is a market-driven impact which is adjustable envisaged from the positive economic outcomes of the government policies in the near term,” she said. She further stated that while the bank remains optimistic that the government’s policy initiatives will lead to correction in the market, the bank has accelerated measures to ramp up asset creation and liability generation in the short and medium terms.
The big blow to earnings bucks the ongoing boom among lenders in Africa’s biggest economy, where a weakening in the value of the naira by approximately 40 per cent in June alone is helping banks that have loans denominated in foreign currency turn in record profits.
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