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Nairametrics
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Home Sectors Financial Services

CBN debits banks N216.1 billion for CRR compliance

Emmanuel Abara Benson by Emmanuel Abara Benson
June 19, 2020
in Financial Services, Spotlight
CRR Debits, #EndSARS: We were not hacked - CBN
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Information reaching Nairametrics from reliable sources reveals the Central Bank of Nigeria (CBN) has debited 26 banks the sum of N216.1 billion as part of its CRR (Cash Reserve Ratio) compliance requirement.

Recall, Nairametrics reported two weeks ago that the apex bank debited banks about N459.7 billion for the same reason.The latest CRR debit is coming ahead of the CBN’s foreign exchange auction. A trader, who earlier spoke to Nairametrics on condition of anonymity, revealed that this has become a tradition.

“Because they don’t want banks coming with huge demands to the FX auction, what they do is that a day before the FX sales, they debit the banks so that the naira you have available is small and you cannot put them under pressure because of your FX demands,” the source said.

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Among the 26 banks whose cash reserves were debited earlier today are regular “victims”, including Access Bank Plc, Guaranty Trust Bank Plc, and Zenith Bank Plc. See the full list below.

  • Access Bank Plc: N5 billion
  • Citibank: N11 billion
  • Coronation Merchant Bank: N2 billion
  • Ecobank: N9 billion
  • FBN Merchant Bank: N2.5 billion
  • Fidelity Bank Plc: N5 billion
  • First Bank of Nigeria Ltd: N15 billion
  • FCMB: N15.5 billion
  • FSDH: N251.2 million
  • Globus Bank: N1 billion
  • GTBank: N25 billion
  • Heritage Bank Plc: N1.5 billion
  • Keystone Bank Limited: N1.4 billion
  • Nova Merchant Bank Ltd: N6 billion
  • Providus Bank: N1.2 billion
  • Rand Merchant Bank: N335.5 million
  • Polaris Bank Ltd: N6 billion
  • Stanbic IBTC: N30 billion
  • Standard Chartered Bank: N10 billion
  • Sterling Bank Plc: N3.3 billion
  • SunTrust Bank: N683.9 million
  • Titan Trust Bank: N500 million
  • Union Bank of Nigeria Plc: N8 billion
  • Unity Bank Plc: N9 billion
  • Wema Bank Plc: N567.7 million
  • Zenith Bank Plc: N46.3 billion

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Understanding CRR: The cash reserve requirement is the minimum amount banks are expected to retain with the Central Bank of Nigeria from customer deposits. In January, the CRR was increased by 5% to 27.5%  by the CBN Monetary Policy Committee (MPC) who explained that the decision was intended to address monetary-induced inflation whilst retaining the benefits from the CBN’s LDR policy.


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Tags: Access Bank Plc NewsCBNCRR DebitsGTCO Holdings - NewsGuaranty Trust Bank plcNigerian BanksZenith Bank Plc
Emmanuel Abara Benson

Emmanuel Abara Benson

Emmanuel Abara Benson is an experienced business reporter and editor. He currently edits articles at Nairametrics. Reach him via email on Emmanuel.abara@nairametrics.com and follow him on Twitter @Mr_Abara for his personal opinions.

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Comments 4

  1. Lawson says:
    June 19, 2020 at 4:43 pm

    Was unity bank debited twice, they occured twice on your list.

    Reply
  2. Yusuf says:
    June 19, 2020 at 9:04 pm

    Mr Emmanuel abara,why the charges differ. Example, Zenith bank has been charge highest ?

    Reply
  3. KOLAWOLE OLUBUNMI Elizabeth says:
    May 5, 2022 at 10:41 am

    Good morning Sir/Ma , I transfer money from piggyvest to UBA bank yesterday but i did not see the money yet , please help me out , this is the account number 2094227310 ,thanks.

    Reply
  4. KOLAWOLE OLUBUNMI Elizabeth says:
    May 5, 2022 at 10:43 am

    Good morning Sir/Ma , I transfer money from piggyvest to UBA bank yesterday but i did not see the money yet , please help me out , this is the account number 2094227310 ,thanks.

    Reply

    Reply

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