Commercial banks have borrowed N595.34 billion from the Central Bank of Nigeria (CBN) in 60 days, it was revealed.
The massive borrowing took place between January and February 2022, according to the CBN in its monthly economic report.
The report said while N333.59bn was borrowed through the Standing Lending Facility in January, the amount reduced to N255.75bn in February.
The apex bank said increased liquidity in the banking system caused a reduction in the amount borrowed by the lending institutions.
The CBN report said, “Subdued activities in the SLF window and the strong patronage at the Standing Deposit Facility confirm increased liquidity in the banking system. Activities at the standing facility window reflected ease in banking system liquidity during the review period.
“The total SDF increased significantly by 60.79 per cent, to N472.38bn, from N293.79bn in January 2022. Conversely, transactions at the SLF decreased by 24.69 per cent, to N255.75bn, from N339.59bn in January 2022.”
