Recession - Banks Lose N1trn Current Account Deposits In February

Total current account deposits of banks fell by N1 trillion in February, implying banks generated fewer deposits during the month due to the biting effect of the economic recession.

This was one of the highlights of the Depository Corporation survey for February 2017 recently published by the Central Bank of Nigeria (CBN). '

According to Vanguard, among other things, the survey revealed that total demand (current account) deposit of banks fell by 10.75 per cent to N8.6 trillion in February from N9.636 trillion in January.

Similarly, currency outside the banks declined month-on-month (m-o-m) by 1.16 per cent to N1.61 trillion.