Commercial banks’ deposits with the Central Bank of Nigeria (CBN), known as Standing Deposit Facility (SDF) has dropped by 95.82 percent in less than two months due to cash crunch, occasioned by the Federal Government’s approved naira redesign.
Data from the CBN’s website shows that banks’ deposit with their regulator (CBN) dropped to N4.69 trillion as of April 4, 2023 from N112.24 billion in February 10, 2023, the extended timeline for the return of high value naira.
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