• Business - Banking & Finance
  • Updated: October 25, 2020

CBN Deducts N917.5bn From Customers' Accounts Across Nigerian Banks

CBN Deducts N917.5bn From Customers' Accounts Across Nigeria

Central Bank of Nigeria (CBN) debited customers' accounts in Nigerian banks. The affected banks are Zenith Bank, United Bank for Africa (UBA), Guaranty Trust Bank (GTBank), First Bank, Access Bank, among others.

It was gathered that the banks were debited NGN917.5 billion by the CBN in the week ended October 23rd, 2020, Nairametrics reported. The amount is cash owned by customers, which CBN has been debiting as cash reserve requirement (CRR).

According to CBN regulation, in line with the CRR, Nigerian banks are expected to leave 27.5% of customers' money for the Godwin Emefiele-led bank to deduct. 

How Much Of Customers' Money CBN Deducted From Banks

It was learnt that customers' funds worth NGN285 billion was deducted from Zenith Bank by the CBN, NGN160 billion was debited from UBA, CBN debited NGN140 billion from Access Bank, NGN95 billion was taken from First Bank, while GTBank was debited NGN55 billion.

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Other affected banks are Polaris Bank which was deducted NGN30 billion; Keystone debited NGN30 billion; Standard Chartered NGN24 billion; Fidelity NGN15 billion; Ecobank NGN11 billion; FCMB NGN11 billion; Wema Bank NGN10 billion; Stanbic Bank NGN10 billion; Coronation Bank NGN10 billion.

Sterling Bank NGN8 billion, Citi Bank NGN6 billion, Union Bank NGN5 billion, Rand MB NGN5 billion, Providus Bank NGN5 billion, Fsdh NGN1.5 billion, and Nova Bank NGN1 billion.

Meanwhile, between the Zenith Bank, UBA, GTBank, First Bank, and Access Bank - all of which are known as FUGAZ - CBN debited a combined N1.9 trillion in the second quarter of April to June 2020. With the latest deduction, CBN has now debited customers' funds worth N6.57 trillion.

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