Volatile Economic Enviroment: Nigerian Banks Demonstrate Resilience Despite Challenges | NC Now
Host: Dapo Adegboye
News Central's Perpetua Fasanmi-Peter, reports
The first half of the year presented a challenging business environment in Nigeria, marked by rising interest rates, inflationary pressures, and foreign exchange fluctuations brought about by the removal of fuel subsidies and the floating of the forex market. However, the impact of these trying circumstances was not uniform across all sectors.
Interestingly, Nigeria's largest banks defied these challenges, reporting a remarkable 260 percent year-on-year increase in their combined profits for the first half of 2023.
News Central's Perpetua Fasanmi-Peter attended a stakeholders' meeting where financial market analysts and economists discussed strategies for sustaining this positive trajectory.
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Volatile Economic Enviroment: Nigerian Banks Demonstrate Resilience Despite Challenges | NC Now | 15-10-23
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