CBN has debited 15 Nigerian Banks N838 Billion as CRR deductions.
Newsonline reports that Nigerian banks parted with a sum of N838 billion in CRR debits from the Central Bank of Nigeria (CBN) following the latter’s move to mop up liquidity from the Nigerian economy.
This is according to information provided to Newsonline by reliable sources with knowledge of the debits. Banks often exchange information on direct debit from each other comparing notes to see who got hit the hardest.
The CBN does not report the list of banks debited.
The central bank had in the last monetary policy meeting communicated to the market that banks will be debited as part of their efforts to curb the increase in the money supply.
According to our data, about fifteen banks were debited a sum of N838.82 billion for not meeting the minimum of 32.5% CRR threshold stipulated by the Central Bank.
The increased CRR debit was deemed necessary given the rising inflation rate in the country and increased money in circulation, which has contributed to the record high inflation rate.
The Central Bank of Nigeria raised the benchmark interest rate in its 287th Monetary Policy Committee meeting to a two-decade high of 15.5%, retaining the asymmetric corridor of +100/-700 basis points around the MPR.
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