Skip to content
  • Television
  • Editorial
  • Personality
  • Style
  • Echoes of the Past
  • Press Clip
  • Column
    • Capital Matters
    • Eye Witness
    • Frank Talk
    • Insights
    • Naija Gists
  • Download Magazine
    • View Cart
  • Television
  • Editorial
  • Personality
  • Style
  • Echoes of the Past
  • Press Clip
  • Column
    • Capital Matters
    • Eye Witness
    • Frank Talk
    • Insights
    • Naija Gists
  • Download Magazine
    • View Cart
logo11_prev_ui
  • Home
  • News
    • National
    • International News
  • Politics
  • Education
  • Business
  • Entertainment
  • Sports
  • Health
  • Law
  • Shop
  • Home
  • News
    • National
    • International News
  • Politics
  • Education
  • Business
  • Entertainment
  • Sports
  • Health
  • Law
  • Shop
Download Magazine
CBN debits banks N216.1 B for CRR compliance
  • June 21, 2020
  • Unity Times
CBN headquarters

… Zenith Bank, Stanbic IBTC , GTB leads


The Central Bank of Nigeria (CBN) has debited 26 banks the sum of N216.1 billion as part of its CRR (Cash Reserve Ratio) compliance requirement.

The latest CRR debit is coming ahead of the CBN’s foreign exchange auction. According Nairametrics, a trader, who earlier spoke to the medium on condition of anonymity, revealed that it has become a tradition.

“Because they don’t want banks coming with huge demands to the FX auction, what they do is that a day before the FX sales, they debit the banks so that the naira you have available is small and you cannot put them under pressure because of your FX demands,” the source said.

The affected banks are:
Access Bank Plc: N5 billion,
Citibank: N11 billion
Coronation Merchant Bank: N2 billion
Ecobank: N9 billion
FBN Merchant Bank: N2.5 billion
Fidelity Bank Plc: N5 billion
First Bank of Nigeria Ltd: N15 billion
FCMB: N15.5 billion
FSDH: N251.2 million
Globus Bank: N1 billion
GTBank: N25 billion
Heritage Bank Plc: N1.5 billion
Keystone Bank Limited: N1.4 billion
Nova Merchant Bank Ltd: N6 billion
Providus Bank: N1.2 billion
Rand Merchant Bank: N335.5 million
Polaris Bank Ltd: N6 billion
Stanbic IBTC: N30 billion
Standard Chartered Bank: N10 billion
Sterling Bank Plc: N3.3 billion
SunTrust Bank: N683.9 million
Titan Trust Bank: N500 million
Union Bank of Nigeria Plc: N8 billion
Unity Bank Plc: N9 billion
Wema Bank Plc: N567.7 million
Zenith Bank Plc: N46.3 billion

Cash Reserve Requirement (CRR), is the minimum amount banks are expected to retain with the Central Bank of Nigeria from customer deposits. In January, the CRR was increased by 5% to 27.5% by the CBN Monetary Policy Committee (MPC) who explained that the decision was intended to address monetary-induced inflation whilst retaining the benefits from the CBN’s LDR policy.

Recall that two weeks ago, the apex bank debited banks about N459.7 billion for the same reason and some banks in the current list were also affected.

About The Author

Unity Times

See author's posts

Grow your business with us
Previous
Next
Share the Post:
Grow your Business
Grow your business with Us
ads
Subscription Ads
Related Posts
Nigerian-National-Assembly-1 (1)

2026 Constitution Review Enters Critical Stage As National Assembly Sends Bill To 36 States

At least 24 State Houses of Assembly must approve the alteration before the process can advance UNITY TIMES

Read More
nimet-Office

THUNDERSTORMS RETURN: Abuja Residents Urged To Take Weather Warnings Seriously

Rain and lightning risk expected as Nigeria remains in an active wet-season weather pattern UNITY TIMES SPECIAL REPORT

Read More
Dangote-Refinery (1)

₦1.66 TRILLION STOCK MARKET SURGE: Dangote Refinery IPO Sets Off New Wave Of Investor Interest

Africa’s biggest IPO opens as Nigerian equities rally and millions of retail investors eye a stake in the

Read More

Join Our Newsletter

logo11_prev_ui
Unity Times
Facebook-f Twitter
  • 2026 Constitution Review Enters Critical Stage As National Assembly Sends Bill To 36 States

    2026 Constitution Review Enters Critical Stage As National Assembly Sends Bill To 36 States

    September 17, 2026 Breaking News, National, News, Politics
  • THUNDERSTORMS RETURN: Abuja Residents Urged To Take Weather Warnings Seriously

    THUNDERSTORMS RETURN: Abuja Residents Urged To Take Weather Warnings Seriously

    September 17, 2026 Breaking News, Naija Gists, National, News
  • ₦1.66 TRILLION STOCK MARKET SURGE: Dangote Refinery IPO Sets Off New Wave Of Investor Interest

    ₦1.66 TRILLION STOCK MARKET SURGE: Dangote Refinery IPO Sets Off New Wave Of Investor Interest

    September 17, 2026 Breaking News, Business, National, News
Get In Touch

Block 4, Wuse ll,

Abuja Nigeria

  • Email: office@unitytimesonline.com
  • Phone:
  • Hours: Mon-Fri 9:00AM - 5:00PM

© 2026 All Rights Reserved.