{"id":8598,"date":"2022-06-01T10:29:51","date_gmt":"2022-06-01T10:29:51","guid":{"rendered":"https:\/\/theblogonline.com\/?p=8598"},"modified":"2022-06-01T10:29:51","modified_gmt":"2022-06-01T10:29:51","slug":"cbn-debits-n7trn-from-access-bank-gtb-uba-sterling-over-infractions","status":"publish","type":"post","link":"https:\/\/theblogonline.com\/?p=8598","title":{"rendered":"CBN Debits N7trn From Access Bank, GTB, UBA, Sterling Over Infractions"},"content":{"rendered":"<p class=\"p1\"><span class=\"s2\">An audit of the financial statements of Nigeria\u2019s Money Deposit Banks for 2021 has shown that the Central Bank of Nigeria cumulatively deducted N7.02 trillion from their accounts.<\/span><\/p>\n<p class=\"p1\"><span class=\"s2\">According to a report, the CBN penalised 10 banks for failing to meet the 27.5 per cent Cash Reserve Requirement (CRR) threshold.<\/span><\/p>\n<p class=\"p1\"><span class=\"s2\">The affected banks are Access Bank\u00a0Plc, Guaranty Trust\u00a0Bank\u00a0(GTBank),\u00a0United Bank for Africa (UBA) Plc,\u00a0FCMB\u00a0group and\u00a0Sterling Bank\u00a0Plc.<\/span><\/p>\n<p class=\"p1\"><span class=\"s2\">Others are Union Bank\u00a0of Nigeria Plc, Stanbic IBTC\u00a0Holdings Plc, Fidelity Bank\u00a0Plc, and Zenith Bank Plc.<\/span><\/p>\n<p class=\"p1\"><span class=\"s2\">The CRR, which the apex bank introduced in 2019, requires that banks keep a certain amount of money from their customer deposits with the CBN.<\/span><\/p>\n<p class=\"p1\"><span class=\"s2\">Access Bank is reportedly the most affected, while Zenith bank trailed next to it. The bank with the least amount of money debited is Sterling bank.<\/span><\/p>\n<p class=\"p1\"><span class=\"s2\">Banks have criticised the policy for causing a drop in their\u00a0profit.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>An audit of the financial statements of Nigeria\u2019s Money Deposit Banks for 2021 has shown that the Central Bank of Nigeria cumulatively deducted N7.02 trillion from their accounts. According to a report, the CBN penalised 10 banks for failing to meet the 27.5 per cent Cash Reserve Requirement (CRR) threshold. The affected banks are Access [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":8251,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2456],"tags":[1272,131,689,167,775],"class_list":["post-8598","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-access-bank","tag-cbn","tag-gtb","tag-sterling-bank","tag-uba"],"_links":{"self":[{"href":"https:\/\/theblogonline.com\/index.php?rest_route=\/wp\/v2\/posts\/8598"}],"collection":[{"href":"https:\/\/theblogonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/theblogonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/theblogonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/theblogonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=8598"}],"version-history":[{"count":1,"href":"https:\/\/theblogonline.com\/index.php?rest_route=\/wp\/v2\/posts\/8598\/revisions"}],"predecessor-version":[{"id":8599,"href":"https:\/\/theblogonline.com\/index.php?rest_route=\/wp\/v2\/posts\/8598\/revisions\/8599"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/theblogonline.com\/index.php?rest_route=\/wp\/v2\/media\/8251"}],"wp:attachment":[{"href":"https:\/\/theblogonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8598"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/theblogonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=8598"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/theblogonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=8598"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}