By Chijioke Nelson
The nation’s Deposit Money Banks have made frequent visits to the facilities’ window of the Central Bank of Nigeria (CBN) in the last six months, resulting to N12.09 trillion borrowings. Meanwhile, CBN Governor, Godwin Emefiele, would kick off his second term in office tomorrow, having earlier been confimrmed by the National Assembly.
He is now expected to roll out new initiatives and pursue full implementation of ongoing policies in banking supervision and stability; robust microfinancing; price stability through inflation management; sustenance of the unconventional policy to support the ailing economy; and foreign exchange management, among others
The banks continued to access the CBN’s window, made up of Standing Lending Facility (SLF) for borrowing and Standing Deposit Facility (SDF) for depositing of excess liquidity, was to square up their positions at the end of each business day.
Total request for the Standing Lending Facility (SLF) inclusive of intra-day lending facilities (ILF) that was converted to overnight repo during the first quarter (Q1) of 2019 stood at N8.41 trillion, compared with N3.68 trillion in the preceding quarter.
Read more at: https://guardian.ng/business-services/banks-borrow-n12-trillion-from-cbn-in-six-months/
