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
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
