CBN Penalizes Zenith, FCMB, 11 Others for Not Having Enough Cash in ReserveYour support matters. Sustain independent journalism in Nigeria – contribute to Legit.ng. The Central Bank of Nigeria (CBN) has issued a punitive measure against 13 banks for not meeting up to the required 27.5 per cent Cash Requirement obligation. The apex bank cumulatively debited the 14 banks N356.1 billion for their failure to keep a minimum bank balance. The new debit happened last Friday, January 4, 2022, according to a ThisDay report and has left many in the banking sector very angry. Recommended for you Lagos 2023: 4 powerful PDP chieftains align, back Sanwo-Olu's second-term b... Available data shows that Zenith bank and one of of the newest banks in Nigeria were the hardest hit while Fidelity Bank was the least debited by the CBN. PAY ATTENTION: Subscribe to Digital Talk newsletter to receive must-know business stories and succeed BIG! Zenith and a new generation bank were debited N170 billion. FCMB got punished with N39 billion, First Bank saw N27 billion removed from its account, GT Bank N20 billion while Citibank had N12 billion removed by the CBN. Stanbic IBTC, Union Bank and Polaris banks were debited N10 billion respectively while Keystone was penalised with N6 billion, Ecobank N5 billion, sterling Bank, N3.6 billion and Fidelity and Nova Merchant banks were debited N2 billion each. This action by the CBN last happened in December when the banks were cumulatively debited N175 billion. The CBN has issued stern warning to banks not to starve Nigerians of funds especially during the festive periods. The banks flouted the order resulting in them being inflicted with heavy fines. Recommended for you Finally, Peter Obi's lawyers begin inspection of 2023 presidential election... Legit.ng has reported that About 243 companies applied for a loan scheme by the Central Bank of Nigeria (CBN). In the end, the Central Bank of Nigeria (CBN) said about 28 companies whose projects pleased the bank’s conditions for ‘100 for 100 Policy for Production and Productivity.’ The apex bank said that this happened after 243 firms submitted applications with projects valued at N321.06bn for the 100 loan scheme. Source: Legit.ng The Central Bank of Nigeria has wielded the big stick for not maintaining the required cash reserve of 27.5 per cent The apex bank slammed the defaulting banks with various fines, ranging from N40 billion to N2 billion The bank took similar action in December when it hit the banks with a N170 billion fine for failing to meet up Your support matters. Sustain independent journalism in Nigeria – contribute to Legit.ng. Subscribe to Digital Talk newsletter to receive must-know business stories and succeed BIG! Legit.ng