CBN Deducts N838.8 billion Depositors’ Funds From GTBank, Zenith, First Bank, 12 Others

Over N838.82 billion of depositors funds in Zenith Bank, Guaranty Trust Bank (GTBank), First Bank of Nigeria (FBN) and 12 others were debited by the Central Bank of Nigeria (CBN).

The CBN withdrew the funds from 15 banks as its Cash Reserve Ratio (CRR), which is the minimum depositors’ funds banks are mandated to hold by the central bank. Nigeria’s CRR is 32.5 per cent of the total customers’ deposits.

Other banks also debited, according to a Nairametrics report, are Keystone, Heritage, FBN Mortgage, Fidelity, Union, Titan, Suntrust Bank, Access, United Bank for Africa (UBA), FCMB, Polaris, Nova, as well as Unity Bank.

It was gathered that Zenith Bank received the highest debit of N270 billion, Access Bank came next with N205 billion, UBA was deducted of N133.7 billion, FCMB was debited N90 billion.

First Bank was deducted N33 billion, CBN took N28.7 billion from Union Bank, Keystone Bank was debited N13.8 billion, Titan Bank N11.6 billion, Polaris Bank N10 billion, Nova N5.5 billion, Unity Bank N1 billion, Heritage Bank N470 million.

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Also, FBN Microfinance Bank parted with N460 million, and Suntrust Bank was debited N92 million. The deduction by CBN is a way the financial regulator mops capital from circulation in the Nigerian economy.

This will help the central bank to curb the soaring inflation which has raised the cost of living within Nigeria.