The CBN debits Zenith Bank, UBA first, first bank and 2 more banks for failure to meet cash reserve

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Apr 5, 2020
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The Central Bank of Nigeria has punished 5 major banks of Nigeria for failure to meet the Cash Reserve Requirement. A lot of banks are ordered to have a lot of cash reserve so they could survive in case of any unexpected financial issue occurs. Nigeria has many banks and 5 of them have failed the cash reserve test.

As a result, the Central Bank debited these banks a total of N1.4 trillion

  • Zenith Bank: N355.9 billion
  • UBA: N204.7 billion
  • First Bank: N206.1 billion
  • Stanbic IBTC: N143.9 billion
  • Standard Chartered: N120.6 billion
 
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