Liquidity Crunch: Banks’ Deposit With CBN Increased To N579.27bn In June   Despite the liquidity crunch in the financial sector, deposit money banks and merchant banks’ deposit with the Central Bank of Nigeria (CBN) increased to N579.27 billion in June 2023, representing an increase of 25.4...

Bank Deposits Rose By N4.7trn In Seven Months – CBN       The total deposits in the banking sector rose from N25tn in January to N29.7tn as of the end of August. Within the same timeframe, bank loans rose by N2tn. The Director, Corporate Communications, CBN, Isaac Okorafor,...

CBN Bars Payment Of Interest On Bank Deposits Above N2bn   The Central Bank of Nigeria has said the remunerable daily placements by banks at the Standing Deposit Facility will not exceed N2bn. It stated this in a circular, titled ‘Guidelines on accessing the CBN Standing Deposit...

As a major indicator of wealth distribution in Nigeria across income groups, a mere two per cent of Nigerians own 90 per cent of total deposits in Nigerian banks. This represents the wide gap between the rich and the poor in Nigeria, which continues to...