The Central Bank of Nigeria (CBN) recently reported that the amount of additional cash deposits that banks had drawn into their vaults over the past year increased to N6.69 trillion.
According to Mrs. Aishah Ahmad, the Deputy Governor for Financial System Stability at the apex bank, commercial banks received an additional N6.69 trillion in fresh deposits from depositors between the ends of February 2021 and 2022.
Mrs. Ahmad stated in her private notes to the Monetary Policy Committee (MPC) members published on the CBN website that the financial sector continues to be robust and to play an important role in supporting the domestic economic recovery.
The CBN staff’s data, according to her, “showed stability in broad financial soundness indicators and sustained improvement in asset quality, combined with expanding lending to the private sector.”