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CBN’s SLF to banks closes at N509.66bn in April

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Total Standing Lending Facility (SLF) granted by the Central Bank of NIGERIA (CBN) in the month of April 2015 stood at N509.66 billion, compared with a total request of N544.95 billion in March 2015. The apex bank’s economic report for April released recently showed that transactions at the Standing Deposit Facility (SDF) window amounted to N518.57 billion.

This, according to CBN, represented a daily average of N37.04 billion for the 14 working days in the month, reflecting a decline of 93.76 per cent below the level in the preceding month.

Meanwhile, available data indicated that at N6,017.1 billion, foreign assets (net) of the banking system on-month-on-month basis, increased by 0.5 per cent at end of the period under review, compared with the increase of 2.5 and 1.9 per cent at the end of the preceding month and the corresponding period of 2014, respectively.

“The development was attributed, largely, to the 17.2 per cent increase in the foreign asset (net) holdings of the deposit money banks (DMBs). Over the level at end-December 2014, NFA declined by 15.2 per cent at end-April 2015, compared with the decline of 15.7 per cent at the end of the preceding month,” the economic report stated.

Other assets (net) of the banking system, on a month-on-month basis increased by 2.1 per cent to negative N7,445.1 billion, compared with the increase of 0.2 per cent recorded at the end of the preceding month. The development, CBN said, reflected largely the rise in unclassified assets of the apex bank and commercial banks in the review period. According to CBN, over the level at end-December 2014, other assets (net) of the banking system declined by 5.7 per cent at end-April 2015, compared with the decline of 7.9 per cent at the end of the preceding month.

The report explained that the total deposits at the CBN amounted to N7,196.4 billion, indicating an increase of 4.8 per cent above the level at the end of the preceding month. “The development reflected, largely, the increase of 9.5 and 20.6 per cent in DMBs and private sector deposits, which more than offset the 3.5 per cent decrease in Federal Government deposit,” CBN stated.

It further explained that of the total deposits, the percentage shares of the Federal Government, banks and private sector were 34.9, 62.7 and 2.4 per cent, respectively.

It also revealed that Reserve Money (RM) rose by 4.5 per cent to N6,202.0 billion at the end of the review month, reflecting the trends in banks’ reserves with CBN.

The provisional data indicated that the total value of money market assets outstanding in April 2015 stood at N7,849.2 billion showing a decline of 5.4 per cent in contrast to the increase of 8.6 per cent at the end of the preceding month.

The development was attributed to the 8.2 and 39.5 per cent decline in FGN Bonds and Bankers’ Acceptances outstanding, respectively.


THE SUN

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