Banks reap­ing from in­se­cu­rity in North –GTB MD

Daily Trust - - NEWS - From Kay­ode Ekun­dayo, La­gos

The Man­ag­ing Di­rec­tor of Guar­an­tee Trust Bank (GTB) Se­gun Ag­baje says the na­tion’s bank­ing sec­tor is reap­ing from the in­crease in the huge turnover of de­posits in banks in the North as a re­sult of the con­tin­u­ous se­cu­rity threats in parts of the re­gion.

Speak­ing in La­gos yes­ter­day, Ag­baje said though the in­se­cu­rity in the states has its neg­a­tive im­pact, so does it also have its pos­i­tive side, as a lot of money pre­vi­ously kept in shops or houses now find their ways to the banks, which ac­cord­ing to him is good for the econ­omy.

“The se­cu­rity of lives is the most im­por­tant thing to us. Any time we feel threat­ened and lives are at risk, we shut down for a while, a few days, but at any rate we are do­ing well. The de­posits in the bank­ing sys­tem have gone up. I think as a re­sult of in­se­cu­rity, though there is the neg­a­tive im­pact of the in­se­cu­rity, there is also the pos­i­tive side of it. The vol­ume of sav­ings in the hot spot ar­eas have gone up”, he said.

Ag­baje who ap­plauded the ef­forts of the Cen­tral Bank of Nigeria (CBN) in sta­bi­liz­ing the na­tion’s cur­rency as well as ex­change rate, said in 2013, the naira de­pre­ci­ated by only 3.2 per cent when com­pared with other coun­tries such as South Africa 24 per cent, In­dia 13 per cent, Ghana 25 per cent and Brazil 15 per cent while ex­change rate sta­ble at N155 per US dol­lar through­out the year.

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