The Central Bank of Nigeria has raised the Standing Deposit Facility (SDF) rates as part of its continuous attempts to control liquidity in the banking sector.
This became necessary after currency in circulation (CIC) reached an all-time high of N4.04 trillion in June 2024.
The Money and Credit Data released by CBN also showed that currency outside banks settled at N3.79 trillion, also a historical high and 93.6 per cent of money in circulation.
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