The Central Bank of Nigeria (CBN) has announced that commercial banks recorded historic levels of customer deposits in the wake of its recent interest rate cut.
According to data released on Thursday, the surge in deposits reflects renewed confidence in the banking sector as individuals and businesses respond positively to the lower benchmark rate. Analysts say the development could strengthen banks’ liquidity positions and enhance credit availability across key sectors of the economy.
Financial experts also noted that the trend underscores the sensitivity of depositors to monetary policy shifts, with many opting to move idle funds into interest-bearing accounts.
“The spike in deposits shows that the policy is already stimulating activity within the financial system,” one Abuja-based economist explained.
The CBN has reiterated its commitment to sustaining measures aimed at stabilising the economy while ensuring that financial institutions channel the increased liquidity into productive ventures.
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