Big banks boost liquid assets as cash reserves jump 120%

In a bid to have more liquid assets to pay off current liabilities, the biggest banks in Nigeria have collectively reported a 120.7 percent increase in total cash and cash equivalents in the nine months of 2024. The banks include: First Bank, United Bank for Africa, Guaranty Trust Holding Company, Access Bank, and Zenith Bank. Data from the Nigerian Exchange Limited showed that cash and cash equivalents collectively reported by tier-one banks grew to N23.36 trillion in the nine months of 2024 from N10.6 trillion in the nine months of 2023