Nigeria levies $3.9bn on banks to soak up liquidity, support naira

News Express |25th Apr 2020 | 1,463

CBN Headquarters, Abuja

Nigeria’s central bank has collected 1.4 trillion naira ($3.9bln) from banks with excess cash holdings as part of measures to support the naira currency, banking sources told Reuters.

The levy helped banks meet a special cash ratio requirement imposed to help soak up liquidity from the banking system.

Money market rates spiked to between 10% and 15% following after the money was debited, from just 2% the previous session. (Reuters)

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