Following the push by the Central Bank of Nigeria to stimulate lending to the real of the economy, banks in the last 11 months of 2021 deposited just N2.5 trillion with the central bank, the lowest recorded in last 10-year, THISDAY investigation has revealed.
The CBN had in July 2019 directed that banks daily deposits placement through its SDF should not exceed N2 billion, stressing that any daily deposits above the stipulated amount will not attract interest payments. In November 2014, the CBN said it observed that banks and discount houses preferred to keeping their idle balances in the SDF with the CBN.
He stated that although some of the banks might not meet the 65 per cent LDR, yet they control a huge percentage of lending to the real sector. He added that: “It is noted that interest income of the banks decline as the rate on T-bill and bonds dropped for the first six months of this year. If banks had granted loans to real sector as directed by CBN, they could have charged higher interest and generated more money.
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