Banks Grow Foreign Assets to N14.19trn -CBN

• Banks Grow Foreign Assets to N14.19trn -CBN

The Central Bank of Nigeria (CBN) has said the total net assets of Nigerian banks abroad rose slightly to N14.19 trillion.

In the economic report released by the apex bank for the fourth quarter of 2019, the bank said: “foreign assets (net) of the banking system grew by 2.0 per cent to N14.19tn at end-November 2019, in contrast to the 24.7 per cent and 2.2 per cent decline at the end of third quarter 2019 and fourth quarter of 2018 respectively.”

It attributed the 2 percent increase to the increase in foreign asset holdings of the banking system.

“At end-November 2019, other assets (net) of the banking system rose by 10.6 per cent to negative N13.22tn, compared with 6.9 per cent and 12.2 per cent increase at the end of third quarter 2019 and fourth quarter of 2018 respectively,” the bank added.

This, the central bank said was as a result of unclassified assets of the central bank and commercial banks.