Nigerian Banks' Mandatory Deposits Surge to N18.16 Trillion Amid CBN's CRR Increase
Seven Nigerian banks' mandatory deposits with the Central Bank of Nigeria (CBN) have increased to N18.16 trillion due to a 50% rise in the Cash Reserve Ratio (CRR). This rise represents a significant jump compared to the previous financial year, with Zenith Bank Plc and First Holdco leading in mandatory reserve deposits.
However, some banks like Sterling Financial Holdings Company Plc, Wema Bank Plc, and FCMB Group Plc recorded declines in their mandatory deposits. The CBN's move to increase the CRR aims to control liquidity in the banking system and curb inflation.
This development highlights the impact on banks' liquidity positions and their ability to lend to customers.
Plus234Feed summary based on reporting from This Day. Read the original report below.
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