- The Central Bank of Nigeria (CBN) made huge deductions from deposits by commercial banks in June 2023
- Adenikinju Adeola, a member of the Monetary Policy Committee of CBN, said the amount came from funds kept by the banks with CBN
- Adeola’s report stated that Nigeria’s financial system remains strong and resilient
A report by the Monetary Policy Committee (MPC) has revealed that the Central Bank of Nigeria (CBN) debited commercial banks about N216 billion in June.
According to a member of the MPC, Adenikinju Adeola, the funds were statutory deductions for the Cash Reserve Ratio (CRR).
