Nigeria’s Top 10 Banks With Most Foreign Inflows In H1 2022

According to the half report for 2022 released by the National Bureau of Statistics (NBS), the Nigerian economy gained $3.11 billion as foreign inflows from the banking sector.

The banks with the highest dollar inflows into the Nigerian economy include Citibank, Standard Chartered, and Stanbic IBTC recording an 11.8% increase when compared to the $2.78 billion recorded in 2021.

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big pile of American dollar bills 

Leading chart of banks with the most foreign inflows is Citibank with $889.97 million between January and June 2022. Standard Chartered Bank Nigeria comes directly with $866.44 million which represents 27.9% of the total foreign inflow recorded for the first half of the year.

$415.44 million was routed through Stanbic IBTC Bank between January and June 2022, Zenith Bank with the same period attracted $221.26 million, while Ecobank Nigeria and Access Bank recorded $152.75 million and $101.14 million respectively.

In the same period, First Bank of Nigeria attracted $90.48 million in foreign currency, Union Bank of Nigeria was not left out after routing a total of $88.96 million through its financial institution, FCMB made $72.22 million and Rand Merchant Bank completes the list with $70.4 million.

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Meanwhile, capital importation in the review period stood at $3.11 billion compared to $3.92 billion received in the second half of 2021.

Portfolio investments stood at $1.71 billion in the same period, representing 55.2% of the total inflows, foreign direct investment (FDI) on the other hand, accounted for 9.7% with $302.13 million in inflows.

Other investment, which includes trade credit, loans, currency deposits, and other claims accounted for 35.1% of the total inflows with $1.09 billion inflows.

In the period under review, most of the funds came into Lagos State ($2.17 billion), followed by Abuja with $900.8 million, and Anambra State with $28.86 million.

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