Inter-bank system liquidity gets a boost as CBN refunds N300bn CRR to banks -

There are indications that the Central Bank of Nigeria (CBN) on Thursday refunded banks Cash Reserve Ratio (CRR) and swap maturities to the tune of N300 billion, according to reports by financial market dealers.

Although the details of the refund were not available at the time of this report, financial market dealers said only a few banks got the refund.

The inflows supported the inter-bank system liquidity and moderated the money market rates.

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Consequently, the Overnight (O/N) rate declined by 2.00 percent to close at 14.10 percent, while the Open Buy Back (OBB) rate declined by 1.40 percent to close at 13.80 percent on Friday.

Efforts to get the CBN to confirm this was not successful as the spokesman, Isaac Okorafor, did not respond to calls and messages.

The CBN last week debited banks to the tune of N118 billion and has within the last four months, precisely April to July 2020, debited banks about N2.2 trillion for breaching its CRR requirements.

Details coming

Hope Moses-Ashike

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.