Christmas: Access, Zenith, Others Rush to Borrow N7trn From CBN in 10 Days as Cash Scarcity Worsens [Video]

• In the ten days of December 2024, banks and merchant banks borrowed an estimated N7.04 trillion from the Central Bank of Nigeria
• The interest rate at which these financial institutions borrow from the CBN has altered since the MPC of the CBN increased the MPR
• In the first eleven months of 2024, banks and merchant banks borrowed N114.6 trillion, according to CBN financial data

Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.

Banks and merchant banks borrowed an estimated N7.04 trillion from the Central Bank of Nigeria (CBN) in the ten days of December 2024 to meet customers’ demand as a result of increased commercial activity.

The Standing Lending Facility (SLF) is a line of short-term credit that Nigerian banks and merchant banks canaccess when they need to cover their customers’ immediate …