CBN fines Access Bank N25bn over failure to meet Cash Reserve Requirement

The Central Bank of Nigeria (CBN) has punished Access Bank PLC and other 15 financial institutions over failure to meet its 27.5 per cent Cash Reserve Requirement (CRR) obligation.

Access Bank PLC was debit N25 billion.

IDOMA VOICE reports the debit, which occurred last Friday, has left many stakeholders in the banking very upset as the apex bank recently suspended debiting banks for not meeting the requirement.

The last time CBN debited 16 banks and two merchant banks N175 billion was mid-December 2021.

In the latest debit, Zenith bank was the most debited bank on November 17, 2021, followed by Access Bank Plc and United bank for Africa Plc (UBA).

The breakdown of some affected banks revealed that, Zenith bank-N90 billion, Access bank-N25 billion, Unity Bank Plc- N500 million, FCMB Limited- N5 billion, and Stanbic Bank- N4 billion, Polaris- N3billion and UBA- N25billion.

The CBN had on December 8, 2021 debited seven banks and two merchant banks a sum of N29.6 billion.Analysts believe cash reserves are historically between 5 per cent and 10 per cent of LCY deposits.

 

Oladipo

Recent Posts

Soaring rice prices threaten Christmas celebrations for Nigerian families

Rice, a staple for Christmas celebrations in Nigeria, has become a luxury this year. Soaring…

1 day ago

Panic as Stage collapses during Odumodublvck’s performance at Lagos concert

Panic erupted on Saturday at a concert in Lagos when the stage collapsed during Odumodublvck’s…

1 day ago

2025 Budget: FG allocates ₦6.36bn for renovation of Tinubu, Shettima’s official quarters

The Federal Government of Nigeria has allocated ₦6,364,181,224 billion for the refurbishment and rehabilitation of…

1 day ago

Black Market Dollar to Naira Exchange Rate Today 22nd December 2024

The black market dollar to naira exchange rate for today, 22nd December 2024, can be…

1 day ago

NNPC debunks shutdown rumors, confirms fuel loading at Port Harcourt Refinery

The Nigerian National Petroleum Company Limited (NNPCL) has refuted claims that the 60,000 barrels per…

1 day ago

‘We have to find a way’ – Guardiola laments after defeat to Aston Villa

Manchester City finds itself in unprecedented turmoil, with relegation-level form showing little sign of improvement.…

1 day ago