Nairametrics| For a lot of Nigerians, the devaluation of the Naira in 2016 was painful, especially when you consider the negative impact it had on their purchasing power and disposable income. The situation was even worse for companies in the manufacturing, consumer goods, and aviation sectors. Most have recorded losses or at best, seen profits drop in double figures.

Whilst the devaluation and the ensuing failed forex polices of the CBN wreaked havoc across the economy, the banking sector reaped the benefits. The weaker the Naira got, the more money some banks made. GTB is a classic example.

The bank reported a record N132 billion profit after tax for the year ended December 2016. However, included in that profit is a massive exchange gain of N87.8 billion up 17 folds from the N5.1 billion reported a year earlier (see below).

http://nairametrics.com/analysis-how-much-gtb-made-from-devaluation/

Some people will always benefit from Nigeria's problems.In fact,they create these problems.