Unlike in the case of some other financial institutions, the recent foreign exchange revaluation necessitated by the floatation of the naira has pushed Unity Bank Plc further south into the loss region, jeopardising the recovery efforts of the struggling agriculture-focused lender.
On June 14, 2023, the Central Bank of Nigeria (CBN), directed Deposit Money Banks to remove the rate cap on the naira at the official Investors and Exporters’ Window of the foreign exchange market to enable its free float against the dollar and other global currencies.
