Banks reaping from insecurity in North –GTB MD
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.