BREAKING: CBN slashes commercial banks daily deposits to 2 billion

The Central Bank of Nigeria has slashed the remunerable placement commercial banks can place at its Standing Deposit Facility from 7.5 billion to a maximum of 2 billion naira.

This was revealed in a circular issued by its Director, Financial market, Dr Angela Sere-Ejembi to all commercial banks on Wednesday.

The circular reads: The remunerable daily placements by commercial banks shall not exceed #2 billion.

“The SDF deposit of #2 billion shall be remunerated at the interest rate prescribed by the Monetary Policy Committee from time to time.

“Any deposit by a bank in excess of #2 billion shall not be remunerated.”

As the Apex bank policy is set to be effected from today, banks would have to decide new ways to adjust to the policy.

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