CBN Debits 23 Banks N349.72bn

The Central Bank of Nigeria has debited 23 financial institutions N349.72bn in Cash Reserve Requirement.

These debits occurred towards the end of last week, as the apex bank intensified its effort in mopping liquidity amid rising inflation.

The recent action by the CBN was sequel to a debit of N226bn recorded a month earlier.

According to a report by Nairametrics, the top 10 affected banks are Zenith Bank (N65bn), GTBank (N63bn), Stanchart (N55bn), Citi (N35bn), Access Bank (N33bn), FBN (N16bn), UBA (N15bn), Union Bank (N10bn), Stanbic (N8bn), and Fidelity Bank (N7bn).

The CRR is an important monetary policy tool used by the CBN to regulate the economy.

It helps the apex financial institution to redirect focus to other strategic sectors of the economy such as the real sector, a goal that aligns with that of CBN.