Nigerian Banks' Deposits with CBN Reach Record Levels
Deposits with the Central Bank of Nigeria (CBN) rose from N2.28 trillion on Wednesday to N2.55 trillion on Thursday and N2.62 trillion by Friday, October 24.
Banks deposit excess cash at CBN's Standing Deposit Facility (SDF), which is lent out through the Standing Lending Facility (SLF) window at an overnight interest rate of 24.8% as of last Friday, according to FMDQ.
- Deposit money banks (DMBs) deposited more cash with the CBN than they borrowed.
- The opening balances of banks and discount houses jumped to N637 billion.
No additional comments from the CBN were provided.
Author's summary: Nigerian banks' deposits with CBN hit a record high.
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