₦airaland Forum

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

9ce 1. More borrowing power

Great

Nice

The chief wailer will soon say GEJ is responsible for this.

good

Still skye bank is dashing me 1naira as monthly interest

okay

Great

ok, hope the down sizing will stop.

Ok...10% of 740bil is ok for me ..I will manage it due to the situation of the country's economy

And yet, states like Osun can't pay workers' salaries..Abeg, tell us another lie

cummulation of suffering nigerians money-740billion

Ok oo

maxiuc:
Still skye bank is dashing me 1naira as monthly interest

.
.
.
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U.B.A dey dash me 1naira nd dey deduct 4naira

I tot they were complaining abt PMB govt

Before we say jack now you'll hear they sacked so so and so people...I tire for banking sector.

waiting for barcanista to tell us reasons to be sad about this, hungry fool.

WHERE ARE THOSE IGBOS CRITICIZING BUHARI'S ECONOMIC POLICY CAN YOU ALL SEE

Only banking sector?

...

okay

sosodevf:
Nice

That's all you have to say.

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...

Would these make banks to recall their sacked staff or stop theitheir intention to further downsize their workforce

What does the word "Gain" mean in this story?

maxiuc:
Still skye bank is dashing me 1naira as monthly interest

lol

Oya time for salary increments... Lol

They should increase salary then and stop sacking their staff