The three tiers of government and commercial banks gained about N2.21 trillion from foreign exchange revaluation revenue.
The development comes from analyzing the Federation Account Allocation Committee communique for June to August and the first half of 2023 statements from five top-tier Nigerian banks.
Accordingly, the Federation earned N834.36 billion as exchange difference revenue between June and August 2023, as the five top-tier Nigerian banks, including First Bank, UBA, Zenith, Access and Guarantee Trust bank, earned N1.38 trillion from forex revaluation gains.
As a breakdown, according to the FAAC communique, the three federal, state and local governments earned N320.89 billion in June 2023 as foreign exchange gain.
Also, for July, FAAC shared N283.9 billion Exchange Difference revenue to the three tiers of government. Similarly, For August, the exchange difference revenue was N229.57 billion.
On the part of commercial banks, FBN gained N16.51 billion, UBA N418.3 billion, Zenith N355.59 billion, Access Bank Holdings N244 billion and GTCO N357.5 billion from foreign exchange revaluation revenue in the first half of 2023.
However, some top manufacturers suffered foreign exchange losses of N495.36bn according to their financial statements for H1, 2023.
Recall that on June 14, 2023, the CBN directed Deposit Money Banks to remove the rate cap on the naira at the official Investors and Exporters’ market.
Consequently, the local currency fell from its 471/$ to 755.27/$ as of last week Friday at the Investors & Exporters FX window, according to data from the FMDQ Exchange.
As the exchange rate continued its vulnerability, the naira worsened at the parallel market, hitting 985/$ on Friday last week.