Banks Retain N530 Billion CBN Funds Amidst Temporary Halt in Support Schemes
Amidst a temporary suspension of all Central Bank of Nigeria (CBN) support funds by the current governor, Olayemi Cardoso, banks in the country continue to retain over N530 billion in unutilized intervention funds.
According to recent financial statements reviewed, nine banks still hold substantial amounts of intervention funds designated for distribution to various recipients.
Leading the pack is Zenith Bank, with the largest sum of intervention funds retained, totaling N157.81 billion. Following closely behind are Fidelity Bank with N98.85 billion, Access Bank with N94.63 billion, and Sterling Bank with N80.34 billion.
Other banks holding significant amounts include Guaranty Trust Bank (GTB) with N52.39 billion, United Bank of Africa (UBA) with N20.87 billion, First City Monument Bank (FCMB) with N13.17 billion, Stanbic IBTC Bank with N11.49 billion, and Wema Bank with N1.83 billion.
The retention of these funds comes amidst a pause in CBN’s support schemes, raising questions about the banks’ utilization strategies and potential implications for the broader financial landscape. As stakeholders await further developments, attention is likely to focus on the actions of both the central bank and commercial banks in navigating Nigeria’s evolving economic landscape.
