Business

CBN debits 15 banks N838.8 billion as CRR deductions

Published

2 years ago

October 5, 2022 4:36 pm

BodexNG

Nigerian banks parted with a sum of N838.82 billion in CRR debits from the Central Bank of Nigeria (CBN) following the latter’s move to mop up liquidity from the Nigerian economy.

This is according to information provided to Nairametrics by reliable sources with knowledge of the debits. Banks often exchange information on direct debit from each other comparing notes to see who got hit the hardest.

The CBN does not report the list of banks debited.

The central bank had in the last monetary policy meeting communicated to the market that banks will be debited as part of their efforts to curb the increase in the money supply.

According to our data, about fifteen banks were debited a sum of N838.82 billion for not meeting the minimum of 32.5% CRR threshold stipulated by the Central Bank.

The banks that were debited include Zenith, Access, UBA, FCMB, Fidelity, FBN, Union, Keystone, Titan, Polaris, Nova, Unity, Heritage, FBN Mortgage, and Suntrust Bank.

A further breakdown of the data showed that Zenith Bank parted with N270 billion, followed by Access Bank with a deduction of N205 billion.
UBA also saw N133.7 billion being deducted, while N90 billion was debited from FCMB.

Others include First Bank (N33 billion), Union Bank (N28.7 billion), Keystone Bank (N13.8 billion), Titan Bank (N11.6 billion), Polaris Bank (N10 billion), Nova (N5.5 billion), Unity Bank (N1 billion), Heritage Bank (N470 million). FBN Microfinance Bank (N460 million), and Suntrust Bank (N92 million).

The increased CRR debit was deemed necessary given the rising inflation rate in the country and increased money in circulation, which has contributed to the record high inflation rate.

Notably, the cash reserve requirement is the minimum amount banks are expected to leave/retained with the CBN from customer deposits.

The CBN stated after the MOC meeting that the banks will be implementing aggressive cash reserve requirement measures by mopping up liquidity from commercial banks by Thursday, 29th September 2022.

The governor noted that the increased liquidity is one of the major reasons for the currency depreciation and rising inflation rate.

Business

Naira depreciates to N1,770/$ in parallel market

Published

6 hours ago

November 26, 2024 1:04 pm

BodexNG

The Naira yesterday depreciated to N1,770 per dollar in the parallel market from N1,750 per dollar last weekend.

Similarly, the Naira depreciated to N1,675.62 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

Data from FMDQ showed that the indicative exchange rate for NAFEM rose to N1,675.62 per dollar from N1,652.62 per dollar last weekend, indicating N23 depreciation for the naira.

The volume of dollars traded (turnover) fell by 55.2 percent to $108.79 million from $243.05 million traded last week Friday.

Consequently, the margin between the parallel market and NAFEM rate widened to N117.38 per dollar from N97.38 per dollar last weekend.

Business

Port Harcourt Refinery begins crude oil processing

Published

6 hours ago

November 26, 2024 12:52 pm

BodexNG

The Nigeria National Petroleum Company Limited (NNPCL) has confirmed that the Port Harcourt Refinery in Rivers State has commenced crude oil processing.

The Chief Corporate Communications Officer of the compaanyy, Femi Soneye, broke the news on Tuesday.

Soneye revealed that the refinery will operate at 60 percent capacity and process 60,000bpd.

https://twitter.com/FM_Soneye/status/1861330633831620917?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1861330633831620917%7Ctwgr%5E776845f88f6fa6dd3c70082f4da1ee2632656999%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fwww.vanguardngr.com%2F2024%2F11%2Fbreaking-port-harcourt-refinery-begins-crude-oil-processing%2F

“Today marks a monumental achievement for Nigeria as the Port Harcourt Refinery officially commences crude oil processing. This groundbreaking milestone signifies a new era of energy independence and economic growth for our nation,” Soneye said on Tuesday.

“Hearty congratulations to President Bola Ahmed Tinubu, the NNPC Board, and the exceptional leadership of GCEO Mele Kyari for their unwavering commitment to this transformative project. Together, we are reshaping Nigeria’s energy future!”

Soneye added that truck loading will commence on Tuesday (today), adding that the NNPCL is also “working tirelessly to bring the Warri Refinery back online soon”.

Business

Nigeria’s GDP rate grew by 3.46% in Q3 2024, says NBS

Published

1 day ago

November 25, 2024 1:29 pm

BodexNG

The National Bureau of Statistics (NBS) says Nigeria’s annual gross domestic product (GDP) grew by 3.46 percent in the third quarter (Q3) of 2024.

The NBS, in its GDP report published on Monday, said the growth rate is higher than the 3.19 percent recorded in Q2 2024.

Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.

She has widespread experiences across different professions and skills, which includes experiences in; Marketing, Media, Broadcasting, Brand and Event Management, Administration and Management with prior stints at MTN, NAPIMS-NNPC, GLOBAL FLEET OIL AND GAS, LTV, Silverbird and a host of others