Banks reduce overnight deposits with CBN to N3.76trn

Banks reduced their overnight placements with the Central Bank of Nigeria (CBN) by N941.85 billion on October 7, 2026, taking deposits under the Standing Deposit Facility (SDF) to N3.76 trillion from N4.70 trillion the previous day.
The sharp reduction, equivalent to about 20 per cent of the previous day’s balance, was the largest single-day decline since September 30. It also took banks’ SDF placements below the N4 trillion mark after the balance had remained above that level through most of the recent period.
According to data from the apex bank,   banks’ overnight deposits had risen to N4.86 trillion on October 5, before easing to N4.70 trillion on October 6. The balance then fel...