Tag
CRR DEBITS
The Central Bank of Nigeria (CBN) has revamped its Cash Reserve Requirement (CRR) policy to enhance the banking sector's operational efficiency.
The total claims Nigerian commercial banks have against the Central Bank of Nigeria rose to N21.5 trillion as of June 2022.
The bank needs to look inwards for mega deals that can substitute for its heavy reliance on foreign portfolio inflows.
The CBN debited banks a total of N120.2 billion according to information reaching Nairametrics from sources with knowledge of the matter.
Banks are recording higher net interest income, despite the CBN's frequent CRR debits chalking off significant amounts of their cash.
Sterling Bank Plc, one of Nigeria's tier 2 banks reported that the Central Bank of Nigeria's CBN restricted about N215.5 billion of its customer deposits as of June 2020.
These debits have inevitably tightened liquidity in the banking system and bankers are complaining.
Among the 26 banks affected by the latest debits are regular "victims".