Nigerian banks deposited an estimated ₦77.19 trillion with the Central Bank of Nigeria (CBN) within the first 19 business days of September 2026, highlighting continued caution in lending activities despite ongoing efforts to stimulate economic growth.
Financial data from the apex bank showed that lenders continued to channel excess liquidity into the Standing Deposit Facility (SDF), a window through which banks earn returns on surplus funds parked with the CBN.
The average daily deposit during the period stood at about ₦4.06 trillion, while banks borrowed approximately ₦920 billion through the Standing Lending Facility (SLF), indicating a significantly lower reliance on short-term borrowing from the regulator.
The development comes shortly after the Monetary Policy Committee (MPC) adjusted key monetary policy parameters at its September meeting. While the Monetary Policy Rate was retained at 23 per cent, the CBN recalibrated the standing facilities corridor, reducing the overnight deposit rate from 23 per cent to 20 per cent.
Data from the central bank also revealed that total deposits through the SDF declined slightly to ₦82.99 trillion in August 2026 from ₦83.96 trillion recorded in July.
Historical figures show that banks deposited ₦89.3 trillion in June, ₦87.13 trillion in May and ₦92.32 trillion in April, while March recorded the highest volume at about ₦128.92 trillion.
In the first eight months of 2026, cumulative deposits by banks reached approximately ₦678.36 trillion, representing a sharp increase compared to ₦95.47 trillion recorded during the corresponding period in 2025.
Analysts at Cordros Research said the adjustment of the policy corridor was designed to improve the transmission of monetary policy decisions to money market rates and strengthen the signalling role of the MPR.
Commenting on the trend, Chief Research Officer of Investdata Consulting Limited, Ambrose Omordion, said banks appeared to be taking a cautious approach to lending amid concerns about non-performing loans. He noted that further reductions in rates could encourage greater credit expansion to productive sectors of the economy.
