• Nigeria’s Most Valuable Banks List For First Week Of 2023 Has Been Revealed
  • Zenith Bank and GT Bank are the most valued commercial banks in the Nigerian market at the beginning of the year
  • Banks were ranked based on their market capitalization as of Friday, January 6, 2023

Zenith Bank starts 2023 as the most valuable commercial banks in Nigeria as the total value of Nigerian banks starts 2022 at N3.6 trillion.

According to data collected by legit.ng of the Nigerian Exchange Group (NGX), Zenith Bank leads the chart with a market capitalization of N767.64 billion as of Friday, January 6, 2023.

Zenith’s market capitalization is the highest among the 13 publicly traded commercial banks.

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most valuable bank
13 publicly traded commercial banksCredit: NGX
Source: UGC

Market capitalization refers to how much a company is worth as determined by the stock market.

Guaranty Trust Bank is in second place with a market capitalization of N706.34 billion, followed by Stanbic IBTC Holdings N433.41 billion.

Valuation of banks starting the new year

  1. Zenith – N767.64bn
  2. GTB-N706.34bn
  3. Stanbic- N433.41bn
  4. First Bank- N400.23bn
  5. Access- N319.90bn
  6. UBA- N273.59bn
  7. Ecobank- N206.43bn
  8. Union Bank- N202.38bn
  9. Loyalty- N137.63bn
  10. FCMB-N73.27bn
  11. Wema- N50.14bn
  12. British Pound- N40.30bn
  13. Unity Bank- N6.42bn

Banks plead with Nigerians to avoid last-minute rush to deposit old banknotes

Meanwhile, in another report, Nigerian banks have sent messages to customers as the deadline to return old naira notes approaches.

Ecobank went even further, increasing the amount of interest a customer will earn on their savings.

EcoBank, for example, noted that measures are in place at all branches to ensure smooth, easy and stress-free cash deposits by customers.

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Naira posts first loss of 2023 for US dollar on official and black markets, economist makes prediction

Naira records first loss of 2023 as expert predicts N1000 at one dollar rate

too legit.ng It had previously reported that the Naira recorded its first loss in 2023, when the forex market fully resumes its activities.

The drop in the value of the Nigerian currency was recorded in the official and black market currency markets.

Naira experienced significant losses in 2022 and experts have shared their predictions for 2023.

Source: Legit.ng