Nigerian Deposit Money Banks’ borrowing from the Central Bank of Nigeria, CBN, hit an all-time high of N5.38 trillion in the first week of July 2024 amid liquidity concerns. This is according to a recent CBN's Standing Lending Facility (SLF) report. The N5.38 trillion represents a 245 percent increase from N1.
Nigerian Deposit Money Banks’ borrowing from the Central Bank of Nigeria, CBN , hit an all-time high of N5.38 trillion in the first week of July 2024 amid liquidity concerns. This is according to a recent CBN 's Standing Lending Facility report. The N5.38 trillion represents a 245 percent increase from N1.56 trillion borrowed by banks in the first week of June 2024. On a year-on-year basis, it represents a 202 percent rise from N1.
Speaking with Business Day on the development, Alatise Yusuf, Chief Investment Officer, of Cowry Asset Management, said banks see CBN as their last resort in their demand for liquidity to carry out their funding obligations. This happens in the face of a high interest rate environment. “On Thursday, we saw the overnight NIBOR at 32.4 percent, which indicates that system liquidity thinning is still on the rise while banks seek funds as lending rates trend upward,” he said.
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
CBN issues fresh foreign currency deposit guidelinesThe Central Bank of Nigeria (CBN) has issued fresh guidelines to Deposit Money Banks (DMBs) on the deposit of foreign currency notes with the apex bank.
Read more »
CBN Issues Fresh Guidelines For Foreign Currency DepositCBN directed that each bank would be allowed a maximum deposit of $10 million threshold for USD 100 notes and USD 50 notes daily.
Read more »
'To boost liquidity' -- CBN directs banks to deposit excess FX to its branchesThe Central Bank of Nigeria (CBN) has issued fresh guidelines on foreign currency deposits by deposit money banks (DMBs).
Read more »
CBN releases new forex deposit rules to stabilise exchange ratesThe deposit thresholds are set at maximum of USD 10 million for higher bills (USD 100 and USD 50) and USD 1 million for lower bills (USD 20 and below).
Read more »
CBN mulls policies to tackle cyber Insecurity in Nigerian financial sectorThe Central Bank of Nigeria said it will continue to roll out more policies to tackle cybersecurity challenges in Nigeria's financial sector. The Deputy Governor, Financial Systems Stability at CBN, Mr Philip Ikeazor, disclosed this during a two-day Financial Institutions Training Centre (FITC) Fintech Conference held in Lagos.
Read more »
How Nigerian Binance users transact business using fictitious names–CBN directorMr. Olubukola Akinwumi, Deputy Director at the Central Bank of Nigeria (CBN), explained on Friday how Nigerians trading on Binance Holdings
Read more »