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Bank’s Deposit With CBN Drops By 68 Percent.

Oct 09, 2019 Hit: 18 Written by 
Bank’s Deposit With CBN Drops By 68 Percent.

Banks’ deposit with the Central Bank of Nigeria through the standing deposit facility dropped by 68 percent in the first nine months of the year as a result of pressure to meet the 60 percent loan-to-deposit Ratio (LDR) deadline of September 2019.

Specifically, it was learned that banks’ deposits with the apex bank dropped to 9.7 trillion naira from 30.4 trillion naira that was reported in the first nine months of 2018, indicating a decline of 68 percent.

The Apex Bank has just increased the LDR to 65 percent from initial 60 percent after deducting a total of 499.2 billion naira from the accounts of 12 banks under its supervision due to their failure to meet  September 30, 2019 deadline stipulated for them to maintain 60 percent LDR.

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