Nigeria’s Tier 1 Banks (FUGAZ) Suffer N1.98tr CRR Debits In Q2

As part of the punitive measures against meeting the Cash Reserve Requirement (CRR) targets, the apex bank CBN has debited Nigeria’s top 5 banks, First Bank, UBA , GT Bank, Access Bank, and Zenith Bank (FUGAZ) to the tune of N1.98 trillion in the second quarter of 2020.

The CBN had since 2019 debited Nigerian banks a chunk of their deposits as part of the a mutually inclusive CRR and loan to Deposit Ratio (LDR) policy that is targeted at the compelling banks to lend more to the private sector in order to boost the comatose economy that was hitherto dependent on long term deposit investment and fixed income investments.

Dambela.com findings revealed that the top 5 banks’ total deposits stood at N18.26 trillion, representing about 35.9 per cent of total Industry customer deposits as of June 2020.

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