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Banks’ deposits rise by N5.33bn in January

HomeBanks’ deposits rise by N5.33bn in January
HomeBanks’ deposits rise by N5.33bn in January

BANKS’ deposits rose marginally by N5.33 billion in January thus reversing negative trend recorded in December. However, the naira depreciated to its lowest level in the parallel market last week with the exchange rate rising to N506 per dollar in the market. Meanwhile Nigeria’s Eurobond appreciated last week due to upsurge in demand which halted three weeks of decline. Deposits rise by N5.3bn: Banks are mandated to keep 22.5 percent of their total deposit as Cash Reserve Ratio (CRR) with the Central Bank of Nigeria (CBN). Consequently, the apex bank, on a monthly basis, debits banks for 22.5 percent of any increase in bank deposit for the month. However, if banks record decline in deposit, the CBN credits the industry 22.5 percent of that decline in deposit.

Analysts predict moderate rise in January inflation: Economic analysts have predicted moderate rise in January inflation figures, scheduled to be released by the National Bureau of Statistics this week. Analysts at Afrinvest Plc predicted that inflation will rise to 18.7 percent from 18.55 percent in December while analysts at Financial Derivatives Company (FDC) predicted 18.6 percent January inflation rate.

Read more at: http://www.vanguardngr.com/2017/02/banks-deposits-rise-by-n5-33bn-in-jan...