Nigerian Tier 1 banks recorded a combined ₦470 billion in foreign exchange gains

Key figures

  • Nigerian Tier 1 banks recorded a combined 16.5% drop in FX gains in the first three quarters of 2025
  • Zenith Bank posted the highest year-on-year percentage increase at 1,517%, while also recording the lowest FX gain among the FUGAZ
  • Access Holdings recorded the highest FX gain, accounting for 54% of the FX gains recorded by Nigerian Tier 1 banks

FUGAZ in Q1 to Q3 2025

Nigerian Tier 1 banks recorded ₦470 billion in foreign exchange (FX) gains within the first three quarters of 2025 — a 16.5% drop compared to the gains recorded in the same period in 2024.

First HoldCo and Zenith Bank recorded FX losses in the same period in 2024, while all the banks recorded gains in 2025, with Zenith Bank posting the highest year-on-year percentage increase at 1,517%. Access Holdings accounted for 54% of the FX gains recorded by Nigerian Tier 1 banks.

Source:

First HoldCo, United Bank for Africa, Guaranty Holding Company, Access Holding, and Zenith Bank

Period:

Q1-Q3 2025
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