This was stated by the sub-saharan banking research analyst at Vetiva Capital Management, Olumide Sole, during an interview on Arise TV on Monday.
Sole claimed that the majority of coverage banks such as Zenith, GTCO, and UBA recorded a massive jump in their ends majorly driven by Forex evaluation gains in 2023.
Speaking on the cost of funds, Sole stated that as interest rate rises, the cost of funds also rises. He said, “As interest rates rise, banks also have to pay more interest rates for their customers’ deposits.”
He also added that the Standing Deposit Facility which the Central Bank of Nigeria removed the two billion limit which banks can deposit daily. READ MORE
