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Banks borrow N595.34bn from CBN in two months

Banks acquired N595.34bn from the Central Bank of Nigeria among January and February, information got by our journalist have shown.

The CBN’s month to month financial report showed that while N333.59bn was acquired through the Standing Lending Facility in January, the sum diminished to N255.75bn in February.

The CBN said expanded liquidity in the financial framework caused a decrease in the sum acquired by the loaning organizations.

The report said, “Curbed exercises in the SLF window and the solid support at the Standing Deposit Facility affirm expanded liquidity in the financial framework. Exercises at the standing office window reflected ease in financial framework liquidity during the audit time frame.

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“The complete SDF expanded altogether by 60.79 percent, to N472.38bn, from N293.79bn in January 2022. On the other hand, exchanges at the SLF diminished by 24.69 percent, to N255.75bn, from N339.59bn in January 2022.”

A previous President, Association of National Accountants of Nigeria, Dr Sam Nzekwe, said banks get from the CBN as a loan specialist after all other options have run out.

He said, “The banks need to take from the CBN on the grounds that it is the bank of the final hotel. CBN is additionally keeping part of their cash which they can’t loan.”

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Talking on liquidity in the area during the period after a Monetary Policy Meeting, the CBN Governor, Godwin Emefiele, had said individuals noticed that the development pace of wide cash supply (M3) expanded to 2.12 percent in February 2022, contrasted and 1. 74% in January 2022.

This was to a great extent credited to an expansion in the development pace of Net Domestic Assets to 5.78 percent in February 2022 from 2.62 percent in the earlier month.

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He said, “On the advancements in the currency market, the Committee noticed the development in currency market rates around the hilter kilter passage, mirroring the common liquidity conditions in the financial framework

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