Ecobank injects $64 million into its Nigerian subsidiary
Tuesday, 02 April 2019 15:18
Panafrican banking group Ecobank announced, on April 1, 2019, the injection of $64 million in its Nigerian subsidiary. This injection follows the decision to adopt a Naira exchange rate different from the official rate.
Ecobank revealed that in November 2018, its administrative board decided to adopt the market rate of NGN364 per dollars while the official rate is NGN306.
In January 2018, Altu Sadie, a former executive of Ecobank, accused the group of using the official rate to consolidate its results (unlike the other banks in Nigeria) despite market realities and auditors’ recommendations.
Ecobank indicated that it used the official exchange rate because its corporate philosophy and governance principles allow it to use official rates, the central bank’s notably.
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