The Central Bank of Nigeria (CBN) has lifted the suspension of the Standing Lending Facility (SLF) for banks and established interest rates on their deposits, ranging from 19% to 25.75%. This decision follows the adjustment of the asymmetric corridor at the recent Monetary Policy Committee (MPC) meeting.<\/p>\n
According to a circular issued to authorized dealers, the interest rate on deposits will be tiered based on the amount deposited. Commercial and merchant banks will earn up to 25.75% interest on deposits up to N3 billion, while deposits above N3 billion will attract a 19% interest rate. Payment Service Banks (PSBs) will earn 25.75% interest on deposits up to N1.5 billion and 19% on deposits above N1.5 billion.<\/p>\n
The CBN has also permitted banks to borrow from it through the SLF window at 31.75% and access the Intraday Lending Facility (ILF) at no cost if repaid the same day. However, a 5% penalty will be applied if the ILF is not settled the same day, and the system will convert it to SLF at 36.75%.<\/p>\n
The circular outlines the terms and conditions for the reinstated SLF and ILF, including collateral execution and rediscounting of instruments pledged by participants at the penal rate.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Central Bank of Nigeria (CBN) has lifted the suspension of the Standing Lending Facility (SLF) for banks and established interest rates on their deposits, ranging from 19% to 25.75%. This decision follows the adjustment of the asymmetric corridor at the recent Monetary Policy Committee (MPC) meeting. According to a circular issued to authorized dealers, […]<\/p>\n","protected":false},"author":16,"featured_media":45483,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[246],"class_list":["post-45482","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-cbn"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/45482","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/users\/16"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=45482"}],"version-history":[{"count":1,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/45482\/revisions"}],"predecessor-version":[{"id":45484,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/45482\/revisions\/45484"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/45483"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=45482"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=45482"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=45482"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}