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How To Survive Forex Scarcity- Agbaje

The Managing Director of GTBank Plc,Mr.Segun Agbaje has implored bank customers, especially businessmen to consider embracing import substitution in order to stem the tide of the growing scarcity of foreign exchange in the country.

Agbaje, who spoke at a forum in Lagos recently, said the import substitution means would give them better leverage and confidence to transact business that is free of challenges currently being experienced due to the unavailability of the currency in Nigeria.

But he said Nigerians banks should not be blamed over the scarcity of the currency as they cannot over shot the country’s foreign exchange earnings of policy.

“Don’t blame Nigerian banks for the scarcity of foreign exchange in Nigeria. We need to adjust within our means and the earnings of the government’’.

He said 2016 would be a challenging year for the Nigerian banks due to the crisis in the nation’s economy, adding that his bank projects Profit before Tax of N125billion as well as plans to leverage on technological advancement to keep cost low in the current year.

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He said his bank would increase subsidiaries’ contribution to Group’s PBT as well as focus on optimising revenue and minimising cost of all subsidiaries in the current year.

According to him, the bank would also get another operating licence in one African country this year to deepen its presence in the continent.

Revealing the bank’s performance in 2015 financial year, Agbaje said its Gross Earnings grew to N301.9billion against N278,521 earned in the previous year.

“Growth of 8.4 per cent in gross earnings for FY2015.This growth was in spite of the tepid system liquidity that characterised the first nine months of the year, foreign exchange scarcity as well as the lull in economic activities in Q4 2015.

The bank’s Profit After Tax in 2015 was N99.9billion ,against N94.4billion earned in 2014.Interest income peaked at N229.2billion against N200.6 in 2014.