CBN Reports 79% Surge In Banks’ Borrowings To N269.6bn

Banks’ borrowings from the Central Bank of Nigeria through the Standing Lending Facility (SLF) increased by 79% year-on-year, reaching N269.6 billion at the end of September 2023, up from N150 billion in September 2022.

Looking at the quarterly data for 2023, borrowing by banks from the CBN via the SLF started at N558.5 billion at the end of the first quarter (Q1’23) but saw a significant decline of 90% to N55.3 billion by the end of the second quarter (Q2’23), indicating a reduction in liquidity in the financial system during that period.

However, there was a substantial increase of 387% in banks’ borrowing from the SLF during the third quarter (Q3’23), reaching N269.6 billion.

“The Capital Adequacy Ratio (CAR) stood at 11.2 per cent, Non-Performing Loans (NPLs) ratio of 4.1 per cent and Liquidity Ratio (LR) of 48.4 per cent, as at end June 2023.”

The increase in banks’ year-on-year borrowings from the Standing Lending Facility (SLF) reflects the heightened borrowing activity from both the government and the private sector.

According to the CBN Money and Credit Statistics data for August 2023, banks extended 0.62% more credit to the government on a month-on-month (MoM) basis, rising from N32.5 trillion in August to N32.3 trillion in July. Simultaneously, banks increased their credit to the private sector by 1.1% MoM, reaching N54.7 trillion from N54.1 trillion.

As a result of these changes, there was a 0.92% MoM increase in net domestic credit, which amounted to N87.3 trillion in August, up from N86.5 trillion in July.

Furthermore, financial data indicated that banks’ deposits in the Central Bank’s Standing Deposit Facility (SDF) surged by 68% year-on-year, reaching N40.8 billion by the end of September 2023, compared to N12.7 billion at the end of September 2022.

When analyzing the data quarter-on-quarter (QoQ), banks’ deposits in the CBN SDF were at N11.2 billion in Q1’23. This figure rose by 256% to N39.9 billion by the end of Q2’23 and saw a 2.0% increase to N40.7 billion by the end of Q3’23.


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