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FDC predicts stiff competition in banking sector in 2019
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FDC predicts stiff competition in banking sector in 2019

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The rivalry between commercial banks in Nigeria is expected to deepen next year due to ongoing consolidation in the industry.

The report by the Chief Executive Officer, Financial Derivatives Company Limited, Bismarck Rewane, based this projection on the recent business combination agreement signed recently between Access Bank and Diamond Bank Plc.

The Central Bank of Nigeria approved the deal, which is expected to produce a financial institution with the largest customer base.

Rewane also predicted that currency pressure may force the Central Bank of Nigeria to act, forecasting a parallel market exchange rate of N375/$ in the second quarter of 2019.

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