CBN loans to banks drop by 3.8% to N168bn

Loans to banks by the Central Bank of Nigeria (CBN) dropped sharply last week by 3.8 per cent to N168 billion.

Busiesss247 News Online revealed that lending to banks through the CBN’s Standing Lending Facility (SLF) dropped from N174 billion the previous week Thursday to N168 billion at the close of business last week Friday.

This implies that few banks last week depended on CBN loans to meet their cash obligations.

However, the apex banking regulatory body has disclosed that an estimated N2.2 trillion Naira currency was in circulation for the month of December, 2016.

According to information gathered from CBN website, the N2.2 trillion reported by CBN is the highest naira in circulation reported in 2016.

CBN disclosed that Naira in circulation in December increased by 14.3 per cent from N1.9 trillion reported by CBN in November.

Naira in circulation started increasing from July to N1.66 trillion as against N1.68 trillion recorded in August.

In September, Naira in circulation hits N1.79 trillion while in October, it closed at N1.83 trillion.

Data from CBN further revealed that in June, Naira in circulation dropped by 3.6 per cent to N1.68 trillion from N1.75 trillion recorded in May.

The figure stood at N1.76 trillion in April; N1.8 trillion in March; N1.7 trillion in February and N1.73 trillion in January.