GTB Says Depository Receipts  Dividends Delayed by Forex Shortage

Wednesday, Aug. 19, 2020

Guaranty Trust Bank  advised holders of its global depository receipts that dividend payments will be delayed due to lack of  foregn exchange.

Global depository receipts are bank certificates that enable their holders to invest in international financial markets. GTB had raised USD750 million in such receipts in 2007, which are trading in London.

The bank, which is Nigeria’s biggest by market value, sent a notice to investors that its application for foreign exchange from the central bank is still awaiting fulfillment. 

Nigeria, which depends on oil and gas exports for more than 90 percent of its export income, has seen its revenue and reserves depleted as the coronavirus pandemic shut economies across the world and demand plummeted. 

GTB is among banks that have slashed international spending limits on payment cards they issued to $100 daily.