Saturday, April 17, 2021
  • Markets & Companies
    • Stock Market
    • Companies
    • Appointments
    • Commodities
  • Business & Economy
    • Energy
    • Agricultural Economy
    • Insurance & Pensions
    • Aviation
    • Maritime
    • Road Transport
    • Financial Inclusion
    • Investment
    • Manufacturing
    • Consumer Goods
  • INNOVATION
  • EMPIRE
  • OPINION
  • CULTURAL CURRENTS
  • Features
  • AE Magazine
  • CORPORATE RENDEZVOUS
Financial Street is a meeting point for technology, economy, and journalism.
No Result
View All Result
  • Markets & Companies
    • Stock Market
    • Companies
    • Appointments
    • Commodities
  • Business & Economy
    • Energy
    • Agricultural Economy
    • Insurance & Pensions
    • Aviation
    • Maritime
    • Road Transport
    • Financial Inclusion
    • Investment
    • Manufacturing
    • Consumer Goods
  • INNOVATION
  • EMPIRE
  • OPINION
  • CULTURAL CURRENTS
  • Features
  • AE Magazine
  • CORPORATE RENDEZVOUS
Financial Street is a meeting point for technology, economy, and journalism.
No Result
View All Result

CBN slam N216.11bn fine on erring banks

Regina Chahas by Regina Chahas
June 22, 2020
in Financial Inclusion, Front Page
0
CBN warns Nigerians against falling victim to cybercrime
5
SHARES
21
VIEWS
Share on FacebookShare on TwitterShare on LinkedInShare on WhatsApp

The Central Bank of Nigeria has fined Stanbic IBTC, Citibank, Standard Chartered Bank and other banks N216.11bn for defaulting on its 27.5 per cent Cash Reserves Ratio.

CRR is the amount of funds that banks have to maintain with the CBN at all times. It is a law that helps to decrease the likelihood that banks go insolvent

READ ALSO

Train 7 project: Nigeria to clampdown on erring expatriates

Nigeria seeks Commonwealth’s support on net-zero emissions

The Monetary Policy Committee of the CBN had raised the CRR by 500 basis points to 27.5 per cent from 22.5 per cent.

Read Also:

  • Curbing price gouging in Nigeria's free market
    Curbing price gouging in Nigeria's free market
  • Train 7 project: Nigeria to clampdown on erring expatriates
    Train 7 project: Nigeria to clampdown on erring expatriates
  • Gombe seals offices of rent defaulters
    Gombe seals offices of rent defaulters

The CBN Governor, Godwin Emefiele, disclosed this while reading the communique at the end of the first MPC meeting this year.

Financial Street gathered that banks debited are Citibank, N11bn; Standard Chartered Bank, N10bn; Stanbic IBTC, N30bn; Coronation Merchant Bank, N2bn; FBN Merchant Bank, N2.5bn; FSDH, N251.2m; and Globus Bank, N1bn.

Others are Keystone Bank Limited, N1.4bn; Nova Merchant Bank Ltd, N6bn; Providus Bank, N1.2bn; Rand Merchant Bank, N335.5m; SunTrust Bank, N683.9m; Titan Trust Bank, N500m, among others.

The sanction was imposed ahead of the sales of dollars by the CBN on the domestic foreign exchange market, where commercial lenders bid on behalf of their customers.

Six of the banks debited accounted for 63.52 per cent of the total amount withdrawn from the banking system on Friday.

According to Emefiele, the decision of the MPC to raise the CRR was informed by recent inflationary pressure on the economy.

Also, the CBN boss stated that the decision to hold other rates was informed by the conviction of the  committee that there is a need to observe the response of the economy to several policies introduced by the CBN.

close
Subscribe to our newsletter and join thousands of readers of our financial, economic & investments news blog!
We don't spam with your email

Check your inbox or spam folder to confirm your subscription.

  • Facebook
  • Twitter
  • Pinterest
  • LinkedIn

Tags: Cash Reserves RatioCBNCBN's CRRCRRFinance

Get real time update about this post categories directly on your device, subscribe now.

Unsubscribe
Regina Chahas

Regina Chahas

Related Posts

Train 7 project: Nigeria to clampdown on erring expatriates
Energy

Train 7 project: Nigeria to clampdown on erring expatriates

April 16, 2021
We recognise importance of energy efficiency – OPEC boss
ENVIRONMENT

Nigeria seeks Commonwealth’s support on net-zero emissions

April 16, 2021
BUA, Dangote settle rift over sugar pricing
Commodities

BUA, Dangote settle rift over sugar pricing

April 16, 2021
Amref establishes commission to review Africa's universal health coverage
Front Page

IFC seals $300m deal for Africa’s health sector

April 15, 2021
e-commerce boutique
Financial Inclusion

Report: E-commerce adds $900bn to online retail globally

April 15, 2021
Ebonyi’s foreign debt figure rises by 39.62%
Economy

Ebonyi’s foreign debt rises by 39.62%

April 14, 2021
Next Post
Nigerian stock market appreciates by N13bn, closes at N13.254tn

Negative sentiments persist at NSE as major index fell 0.99 per cent

RECENT STORIES

YouTube suspends Nigerian TV evangelist

YouTube suspends Nigerian TV evangelist, TB Joshua’s account

April 16, 2021
Train 7 project: Nigeria to clampdown on erring expatriates

Train 7 project: Nigeria to clampdown on erring expatriates

April 16, 2021
Negative growth hits Nigerian States’ IGR

Negative growth hits Nigerian states’ IGR

April 16, 2021
We’ll prioritise access to COVID-19 vaccine

We’ll prioritise access to COVID-19 vaccine – AU

April 16, 2021
AstraZeneca: AZD1222 vaccine met primary efficacy in preventing COVID-19

Africa CDC unsure of second COVID-19 vaccine

April 16, 2021
We recognise importance of energy efficiency – OPEC boss

Nigeria seeks Commonwealth’s support on net-zero emissions

April 16, 2021
BUA, Dangote settle rift over sugar pricing

BUA, Dangote settle rift over sugar pricing

April 16, 2021

TRENDING

  • Adesegun Banjoko, President-elect, National Association of Block Moulders of Nigeria

    Blame govt for high cement price – Banjoko

    0 shares
    Share 0 Tweet 0
  • Professionals need strategy to survive in job market – Funmi Bajulaiye

    2 shares
    Share 0 Tweet 0
  • Affordable housing as mirage despite govt’s intervention

    0 shares
    Share 0 Tweet 0
  • Executive Order 007 indispensable for road infrastructure development – Shonubi

    0 shares
    Share 0 Tweet 0
  • Dealing with car overheating

    0 shares
    Share 0 Tweet 0
Financial Street is a meeting point for technology, economy, and journalism.

© Financial Street 2020. All Rights Reserved.

More Links

  • Privacy Policy
  • Terms of Use
  • Contact Us

Follow Us

No Result
View All Result
  • Markets & Companies
    • Stock Market
    • Companies
    • Appointments
    • Commodities
  • Business & Economy
    • Energy
    • Agricultural Economy
    • Insurance & Pensions
    • Aviation
    • Maritime
    • Road Transport
    • Financial Inclusion
    • Investment
    • Manufacturing
    • Consumer Goods
  • INNOVATION
  • EMPIRE
  • OPINION
  • CULTURAL CURRENTS
  • Features
  • AE Magazine
  • CORPORATE RENDEZVOUS