{"id":99981,"date":"2022-10-04T21:24:22","date_gmt":"2022-10-04T20:24:22","guid":{"rendered":"http:\/\/pointblanknews.com\/pbn\/?p=99981"},"modified":"2022-10-04T21:24:22","modified_gmt":"2022-10-04T20:24:22","slug":"cbn-deducts-n838-8-billion-depositors-funds-from-gtbank-zenith-first-bank-others","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/news\/cbn-deducts-n838-8-billion-depositors-funds-from-gtbank-zenith-first-bank-others\/","title":{"rendered":"CBN Deducts N838.8 billion Depositors\u2019 Funds From GTBank, Zenith, First Bank, Others"},"content":{"rendered":"<div dir=\"auto\">Over N838.82 billion of depositors funds in Zenith Bank, Guaranty Trust Bank (GTBank), First Bank of Nigeria (FBN) and 12 others were debited by the Central Bank of Nigeria (CBN).<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">The CBN withdrew the funds from 15 banks as its Cash Reserve Ratio (CRR), which is the minimum depositors\u2019 funds banks are mandated to hold by the central bank. Nigeria\u2019s CRR is 32.5 per cent of the total customers\u2019 deposits.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">Other banks also debited, according to a Nairametrics report, are Keystone, Heritage, FBN Mortgage, Fidelity, Union, Titan, Suntrust Bank, Access, United Bank for Africa (UBA), FCMB, Polaris, Nova, as well as Unity Bank.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">It was gathered that Zenith Bank received the highest debit of N270 billion, Access Bank came next with N205 billion, UBA was deducted of N133.7 billion, FCMB was debited N90 billion.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">First Bank was deducted N33 billion, CBN took N28.7 billion from Union Bank, Keystone Bank was debited N13.8 billion, Titan Bank N11.6 billion, Polaris Bank N10 billion, Nova N5.5 billion, Unity Bank N1 billion, Heritage Bank N470 million.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">Also, FBN Microfinance Bank parted with N460 million, and Suntrust Bank was debited N92 million. The deduction by CBN is a way the financial regulator mops capital from circulation in the Nigerian economy.<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">This will help the central bank to curb the soaring inflation which has raised the cost of living within Nigeria.<\/div>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content --><!-- AddThis Related Posts generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>Over N838.82 billion of depositors funds in Zenith Bank, Guaranty Trust Bank (GTBank), First Bank of Nigeria (FBN) and 12 others were debited by the Central Bank of Nigeria (CBN).&hellip;<!-- AddThis Advanced Settings generic via filter on wp_trim_excerpt --><!-- AddThis Share Buttons generic via filter on wp_trim_excerpt --><!-- AddThis Related Posts generic via filter on wp_trim_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":99982,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-99981","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - 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