Bank deposits with the Central Bank of Nigeria (CBN) under the Standing Deposit Facility (SDF) surged to a historic record of N3.5 trillion on Wednesday, a day after the apex bank cautiously eased its Monetary Policy Rate (MPR), also known as the benchmark interest rate.
The SDF is a monetary policy tool that allows banks and other deposit-taking institutions to place their excess liquidity with the CBN overnight and earn interest, without providing collateral.
According to CBN data, the SDF rose from N2.55 trillion on Tuesday to N3.5 tri
