Nigerian Banks Deposit N77.19tn with CBN as Rates Fall
In September 2026, Nigerian banks deposited an estimated N77.19 trillion with the Central Bank of Nigeria (CBN) over 19 business days, driven by the search for overnight interest and a safe haven for excess liquidity. The average deposit for the month reached N4.06 trillion, while the CBN lent approximately N920 billion to banks during this period.
The CBN's data indicated a 1.14% Month-on-Month decline in total bank deposits, which stood at N82.99 trillion in August 2026, down from N83.96 trillion in July 2026. This decline is attributed to a reduction in the Monetary Policy Rate (MPR) to 26.50% in February 2026 from 27% in 2025.
Following the Monetary Policy Committee (MPC) meeting on September 22, 2026, the MPR was reset to 23%, and the Standing Deposit Facility (SDF) rate dropped to 20% from 23%. Analysts from Cordros Research noted that these adjustments aim to improve liquidity and market performance.
Plus234Feed summary based on reporting from This Day. Read the original report below.
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