14 Banks: CBN Debits Zenith, Access, Ecobank, GTB, Other Banks N118bn For CRR Shortfalls

CBN
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The Central Bank of Nigeria (CBN) has again debited fourteen banks to the tune of N118 billion for failing to meet the Cash Reserve Requirement/Ratio (CRR) of 27.5 percent.

CRR is the minimum amount deposit money banks are expected to retain with the CBN from their customer deposits at zero interest. The Monetary Policy Committee of the CBN in January this year increased the CRR from 22.5 percent to 27.5% in an apparent move to curb inflation in the country.

The 14 banks and the amount debited as published by Nairametrics includes :

  • Access Bank Plc: N3 billion
  • CitiBank Nigeria Ltd: N10.2 billion
  • Ecobank Nigeria: N7 billion
  • Fidelity Bank Plc: N11 billion
  • First Bank of Nigeria Ltd: N12.4 billion
  • First City Monument Bank Ltd: N10 billion
  • Guaranty Trust Bank Plc: N15 billion
  • Rand Merchant Bank Nigeria Ltd: N4 billion
  • Stanbic IBTC Bank: N15 billion
  • Sterling Bank Plc: N5 billion
  • Titan Trust Bank: N2.5 billion
  • Union Bank of Nigeria Plc: N12.5 billion
  • Wema Bank Plc: N3 billion
  • Zenith Bank Plc: N7 billion

An analyst has opined that the constant and almost every monthly debit of the bank by CBN for CRR default is more of a way to squeeze banks of liquidity and ensure less pressure on the Apex bank for Foreign Exchange at the FX auctions than it is for liquidity management.

 


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