Banks’ borrowings from the Standing Lending Facility (SLF) of the Central Bank of Nigeria (CBN) increased year-on-year by 466 percent to N268.3 billion at the end of October 2023, from N47.35 billion as at October 2022, reflecting the increase in currency outside banks.
The apex bank has two short-term lending windows for banks and merchant banks namely, SLF and Repurchase (Repo) lending.
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CBN Money and Credit Statistics data showed that currency outside banks stood at N2.35 trillion as at September 2023, having risen by 195 percent since January 2023 when it declined to N792.18 billion due to the redesign of the N200, N500 and N1000 notes.
Further details of the statistics from the CBN Financial data also show that banks’ deposits in the CBN Standing Deposit Facility (SDF) increased year-on-year by 465 percent to N5.29 trillion as at October ending of 2023 from N935 billion as at October 2022.