The Central Bank of Nigeria (CBN) has fined 12 banks N499 billion for failing to give 60% of deposits as loans.
Okay.ng understands that the 12 banks failed to meet September 30, 2019 deadline mandated by the CBN.
Underneath are the listed banks:
- Citibank – N100,743,055,321
- First Bank of Nigeria – N74,668,880,480
- FBNQuest Merchant Bank – N2,697,456,144
- First City Monument Bank (FCMB) – N14,371,064,742
- Guaranty Trust Bank – N25,147,933, 628
- Jaiz Bank – N7,525,165,552
- Keystone Bank – N4,162,938, 879
- Rand Merchant Bank – N2,823,177,399
- Standard Chartered Bank – N30,027,137,984
- SunTrust Bank – N1,703,205,427
- United Bank for Africa – N99,676,181,916
- Zenith Bank – N135,629,337,625
It can be recalled that the CBN on Tuesday directed banks to raise their Loan-to-Deposit Ratio (LDR) from 60 to 65 percent before December 31, 2019.
