Banks Standing Deposit Facility is reported by the apex bank to have declined by 166.83%.

This is said to have resulted from the failure of the Central Bank of Nigeria to intervene at the Open Market Operation at the last day of the month of August.

CEOAFRICA gathered according to the Economic Report for the month of August released yesterday by the CBN that the aggregate Standing Deposit Facility (SDF) stood at N5, 283.18 billion.

This represented a daily average of N264.16 billion for the 20 working days in the month and reflected a decline of 166.83% from the level in the preceding month while interest paid on SDF stood N2.11 billion, compared with N2.33 billion in the preceding month.

CBN, however has viewed that the reason for the slight reduction despite the liquidity squeeze in the review period was attributable to the non-intervention by the bank at the OMO segment and late disbursement of July fiscal allocation.