Bank Borrowing from the CBN Increases by 260% to N21.87 trillion.

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According to CBN financial data, Deposit Money Banks borrowed N21.87 trillion from the Central Bank of Nigeria in 2020 through the Standing Lending Facility window and Repurchase Lending platform.

According to research, banks and merchant banks deposited N3.24 trillion with the CBN in 2022, up 6.65 percent from the N3.03 trillion deposited in 2021. For repeatedly failing to “meet minimum thresholds in critical prudential and adequacy ratios, which has culminated in the bank’s permanent presence at the CBN lending window,” the CBN had fired the board and management of the now-defunct Skye Bank in 2016.

The PUNCH has learned that Nigerians who reject or deface the new naira notes may be subject to a N50,000 fine or six months in jail. In an earlier report by The PUNCH, it was disclosed that some of the bank customers refused to collect the new notes for over-the-counter payments.

“During a recent sensitisation exercise in Abeokuta, the CBN’s Head of the Abeokuta branch, Wahab Oseni, affirmed that the rejection of the naira is a crime, according to news reports.

Punch.

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