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Banks Gain N740 Billion From CRR Reduction - Business - Nairaland

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Nigeria Moves To Recover $3 Billion From Chinese Owned Addax Petroleum / CRR: Zenith, First Bank, GTB, 4 Others Raise N2.14trn In 6 Months / I Received N740 Thousand Naira In My Bank Account Instead Of N370 Thousand Naira (2) (3) (4)

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Banks Gain N740 Billion From CRR Reduction by Adesiji77: 10:11am On Oct 05, 2015
The banking sector gained N740 billion as a result of the reduction of the Cash Reserve Ratio, CBN from 31 to 25 per cent by the Central Bank of Nigeria, CBN recently.  

Recall that the CRR reduction was announced by the CBN following the implementation of a Treasury Single Account, TSA that mandated all commercial banks to return all government funds in their custody to the CBN.

The Managing Director of Fidelity Bank, Nnamdi Okonkwo who disclosed this at a press briefing after the Bankers’ Committee meeting in Lagos, said that the speculations in some quarters that banks gained N1.2 trillion as a result of the CRR reduction and TSA implementation were unfounded.

According to him, “A lot of figures have been bandied around. Some said N1.2 trillion and so on. Well, the bank examiners are currently reconciling with banks on the figures they have returned but what is definite is that the N1.2 trillion being bandied around is false.

The actual figure when they have been reconciled will be made known to the public. Also the CRR that was released back to the banks on account of TSA implementation was N740 billion. This is confirmed. But the amount of TSA fund that went back to CBN is not verified yet.”

He added that the movement of funds from the system on account of TSA was not intended to strangulate the banks, saying, “If you release the deposit you have, CBN who handles the monetary supply management will of course return your CRR.”

http://www.vanguardngr.com/2015/10/banks-gain-n740-billion-from-crr-reduction/ lalasticlala, davide470

1 Like

Re: Banks Gain N740 Billion From CRR Reduction by sashx(m): 10:48am On Oct 05, 2015
9ce 1. More borrowing power

1 Like

Re: Banks Gain N740 Billion From CRR Reduction by SuPeRq(f): 10:48am On Oct 05, 2015
Great
Re: Banks Gain N740 Billion From CRR Reduction by osaslord500(m): 10:48am On Oct 05, 2015
Just thinking how much that money could change my life

2 Likes

Re: Banks Gain N740 Billion From CRR Reduction by sosodevf(m): 10:48am On Oct 05, 2015
Nice
Re: Banks Gain N740 Billion From CRR Reduction by alaoeri: 10:48am On Oct 05, 2015
The chief wailer will soon say GEJ is responsible for this.

22 Likes 1 Share

Re: Banks Gain N740 Billion From CRR Reduction by osazeeblue01: 10:48am On Oct 05, 2015
good
Re: Banks Gain N740 Billion From CRR Reduction by maxiuc(m): 10:48am On Oct 05, 2015
Still skye bank is dashing me 1naira as monthly interest
Re: Banks Gain N740 Billion From CRR Reduction by braine(m): 10:48am On Oct 05, 2015
okay
Re: Banks Gain N740 Billion From CRR Reduction by free2ryhme: 10:48am On Oct 05, 2015
grin
Re: Banks Gain N740 Billion From CRR Reduction by Dannyset(m): 10:49am On Oct 05, 2015
Great
Re: Banks Gain N740 Billion From CRR Reduction by donholy28(m): 10:49am On Oct 05, 2015
740 billion? make dem just give me d money make i hold for them...or abi una no gree?

4 Likes

Re: Banks Gain N740 Billion From CRR Reduction by GreatEngineer(m): 10:49am On Oct 05, 2015
ok, hope the down sizing will stop.
Re: Banks Gain N740 Billion From CRR Reduction by arafone(m): 10:49am On Oct 05, 2015
Ok...10% of 740bil is ok for me ..I will manage it due to the situation of the country's economy

5 Likes

Re: Banks Gain N740 Billion From CRR Reduction by OrIandoOwoh(m): 10:50am On Oct 05, 2015
And yet, states like Osun can't pay workers' salaries..Abeg, tell us another lie
Re: Banks Gain N740 Billion From CRR Reduction by happykidArotiba(m): 10:50am On Oct 05, 2015
cummulation of suffering nigerians money-740billion
Re: Banks Gain N740 Billion From CRR Reduction by ugbah007: 10:50am On Oct 05, 2015
Ok oo
Re: Banks Gain N740 Billion From CRR Reduction by Tenim47(m): 10:50am On Oct 05, 2015
maxiuc:
Still skye bank is dashing me 1naira as monthly interest
.
.
.
.
U.B.A dey dash me 1naira nd dey deduct 4naira

7 Likes

Re: Banks Gain N740 Billion From CRR Reduction by oluseyiforjesus(m): 10:50am On Oct 05, 2015
I tot they were complaining abt PMB govt
Re: Banks Gain N740 Billion From CRR Reduction by dhardline(m): 10:50am On Oct 05, 2015
Before we say jack now you'll hear they sacked so so and so people...I tire for banking sector.
Re: Banks Gain N740 Billion From CRR Reduction by Nobody: 10:50am On Oct 05, 2015
waiting for barcanista to tell us reasons to be sad about this, hungry fool.

7 Likes

Re: Banks Gain N740 Billion From CRR Reduction by Nobody: 10:50am On Oct 05, 2015
WHERE ARE THOSE IGBOS CRITICIZING BUHARI'S ECONOMIC POLICY CAN YOU ALL SEE

12 Likes

Re: Banks Gain N740 Billion From CRR Reduction by Lincoln275(m): 10:51am On Oct 05, 2015
Only banking sector?
Re: Banks Gain N740 Billion From CRR Reduction by kel4soft: 10:51am On Oct 05, 2015
...
Re: Banks Gain N740 Billion From CRR Reduction by KnowMore: 10:51am On Oct 05, 2015
okay
Re: Banks Gain N740 Billion From CRR Reduction by kel4soft: 10:52am On Oct 05, 2015
sosodevf:
Nice
That's all you have to say.
Re: Banks Gain N740 Billion From CRR Reduction by SLIDEwaxie(m): 10:52am On Oct 05, 2015
Good leader matters a lot. This is an example of the right man for the right job...

Kudos to buhari, his advisers and the CBN governor for making things work out...

A win-win situation..unlike the wailers who have started calculating how banks will collapse.

Jeeziz, I forgot to say a good brain matters too. Pro GEJs need an upgrade from Google play store. By the way, they all use curve 2...we will set up a committee to make the new version of brain upgrade to be available on BlackBerry apps store too.


Oops, I forgot, BlackBerry ditched their OS for Android with the new BB Priv...

These wailers has gotten a lot to catch up with...

Jeez!!!!!

Nearly impossible for them to get a new brain upgrade.

I guess they still think we live in 1967...

16 Likes 1 Share

Re: Banks Gain N740 Billion From CRR Reduction by Dottore: 10:52am On Oct 05, 2015
Would these make banks to recall their sacked staff or stop theitheir intention to further downsize their workforce

2 Likes 1 Share

Re: Banks Gain N740 Billion From CRR Reduction by omonnakoda: 10:52am On Oct 05, 2015
What does the word "Gain" mean in this story?

4 Likes 2 Shares

Re: Banks Gain N740 Billion From CRR Reduction by Cvesta(m): 10:53am On Oct 05, 2015
maxiuc:
Still skye bank is dashing me 1naira as monthly interest
lol
Re: Banks Gain N740 Billion From CRR Reduction by moshmod101(m): 10:55am On Oct 05, 2015
Oya time for salary increments... Lol
Re: Banks Gain N740 Billion From CRR Reduction by Nobody: 10:55am On Oct 05, 2015
They should increase salary then and stop sacking their staff grin

1 Like

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