Published in Economy
The average monthly reserve held by banks in Nigeria summed up to N10.21 trillion as of November 2021. The total reserve for the eleven months was N112.27 trillion.
Ode Uduu ,
January 6th, 2022
The average monthly reserve held by banks in Nigeria summed up to N10.21 trillion as of November 2021. The total reserve for the eleven months was N112.27 trillion.
Data shows that the bank reserve held by banks had a differential of N1.02 trillion between the least and the highest. In June, which was the least, N9.95 trillion was the total aggregate reserve by banks. February recorded the highest where a total of N10.62 trillion was held as a reserve.
Bank reserves are contingency funds for banking emergencies. It is an obligation imposed on banks to hold a certain amount of cash as a reserve, so they never run out of money to meet customers’ demands. Furthermore, the bank reserve level can also be used as a monetary policy tool by the central bank either to slow or aid economic growth.
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