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Banks’ borrowing from CBN up by 458% to N57.5trn

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Banks’ borrowing from CBN up by 458% to N57.5trn

 

Borrowings by banks from the Central Bank of Nigeria (CBN) Standing Lending Facility (SLF) rose Year-on-Year by 458.2 percent to N57.5 trillion in the first half of 2024, from N10.25 trillion in the corresponding period of 2023, according to data from the apex bank.

The CBN data further showed that banks’ deposits in the apex bank’s Standing Deposit Facility, SDF, grew YoY by 62 percent to N7.94 trillion during the same period from N2.99 trillion in H1’23.

Banks make use of the SLF window to access liquidity to run their operations while the Standing Deposit Facility window (SDF) on the other hand, is an overnight deposit facility that allows banks to lodge excess liquidity (money) with the CBN and earn interest.

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According to the CBN data, banks/discount houses opening balance as at June 28th 2024 stood at N309.97 billion. This represents a 73.3 percent decline when compared with N1.16 trillion as at June 30th 2023.

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