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Banks’ borrowings from CBN hit N595.34bn in two months

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Nigeria saved $21bn in food import since 2015 -CBN

The Central Bank of Nigeria (CBN) through its Standing Lending Facility in two months, lent to commercial banks a total of N595.34 billion.

The figure is captured in its recently published monthly economic report on its website.

The report showed that while N333.59bn was borrowed in January, banks collected N255.75bn in February.

CBN in the report also noted that the drop in February was due to increased liquidity in the banking system.

Read also: Banks face higher borrowing costs, revenue contraction after CBN’s currency mop

Part of the CBN report reads: “Subdued activities in the SLF window and the strong patronage at the Standing Deposit Facility confirm increased liquidity in the banking system. Activities at the standing facility window reflected ease in banking system liquidity during the review period.

“The total SDF increased significantly by 60.79 per cent, to N472.38bn, from N293.79bn in January 2022. Conversely, transactions at the SLF decreased by 24.69 per cent, to N255.75bn, from N339.59bn in January 2022.”

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