CBN Reveals How Total Deposits Rise By 4.7% To N20.6trn

David Abakpa         Posted:    9 months ago
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CBN Reveals How Total Deposits Rise By 4.7% To N20.6trn

The Central Bank of Nigeria (CBN) has revealed that total deposits by the federal, state governments, financial institutions, among others increased by 4.7 per cent to N20.6 trillion in November from N19.67 trillion in October 2017 (LEADERSHIP).

The CBN, performing one of its key mandate as government banker, also keep financial institutions’ deposits via its Cash Reserve Ratio (CRR), among other financial instruments to maintain capital flow in the sector.

The Monthly Statement of Assets and Liabilities published by the CBN on its official website disclosed that deposit from federal and state governments rose by 1.6 per cent to N904.6 billion in November from N889.9 billion in October 2017.

According to CBN unaudited financial results and operations, financial institutions deposit dropped by nearly two per cent from N3.64 trillion in October to N3.57 trillion in November.

‘Other deposits’ in the month under review thus increased by 6.5 per cent from N15.14 trillion in October to N16.1 trillion in November.

According to the data by CBN, Foreign Government Securities and current account balances with Foreign Banks as at November 2017 moved to N1.667 billion in November from N1.663 billion in October while fixed assets remained unchanged at N458.6 billion.

The total external reserve increased by 9.1 per cent from N11.6 trillion in October to N12.6 trillion in November at which Convertible Currencies contributed 105 per cent.

The breakdown according to CBN revealed that convertible currencies hit N12 trillion in November from N10.96 trillion in October while Special Drawing Rights remained unchanged at N631.7 billion.

Also, assets on Gold and International Monetary Fund (IMF) Gold Tranche remain flat at N19 billion and N22.6 billion respectively.

In all, Total Equity & Liabilities, according to CBN gained 5.8 per cent to N25 trillion from N23.8 trillion in October.

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