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Citibank, Stanbic IBTC, Access Others Make League Of Banks With Highest Foreign Inflows

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The National Bureau of Statistics (NBS) has revealed the top 10 banks with the highest dollar inflows in the Nigerian economy in the first half of the year 2022.

According to the report, Citibank tops the list with $889.97 million, Closely followed by Standard Chartered Bank Nigeria with $866.44 million.

Stanbic IBTC Bank saw $415.44 million routed through its institution in the first half of the year, a decline from $991.7 million recorded in H2 2021.

Zenith Bank attracted $221.26 million, Ecobank Nigeria ($152.75 million), Access Bank had $101.14 million, First Bank of Nigeria ($90.48 million), Union Bank of Nigeria ($88.96 million)
FCMB with $72.22 million and Rand Merchant Bank attracts $70.4 million.

Nigeria attracted $3.11 billion as foreign inflows in H1 2022, an 11.8% increase compared to $2.78 billion received in the corresponding period of 2021. When compared to the previous period, capital inflows declined by 20.7% from $3.92 billion attracted in the second half of 2021.

A sum of $889.9 million came into the Nigerian economy through Citibank between January and June 2022, accounting for 28.6% of the total capital importation recorded in the period under review. Also, a total of $866.44 million was routed through Standard Chartered Bank Nigeria, which represents 27.9% of the total.

Stanbic IBTC followed with an inflow of $415.44 million, representing 13.4% of the total inflows into Nigeria. Notably, out of the 28 banks listed, 21 of them recorded foreign inflows in the period under review.

However, the top banks on this link are subsidiaries of international banks, Citibank Nigeria being owned by Citibank Overseas Investment Corporation, a subsidiary of Citibank N.A (USA). In the same vein, Standard Chartered is a subsidiary of SC, which is a British multinational banking and financial services company headquartered in London.

Most of the funds that came into the economy were sourced from the United Kingdom, South Africa, Singapore, and the USA with $1.8 billion, $239.8 million, $203 million, and $162.3 million respectively, a possible reason why international banks ranked highest on the list of financial institutions in the country with the highest capital inflows.

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