Nigeria to limit bank deposits with central bank to boost lending

Nigeria plans to limit daily bank placements with the central bank and the interest paid on them, in a bid to boost credit in Africa’s biggest economy, the regulator said in a circular.

The central bank said in a circular dated July 10 that daily placements with apex bank by lenders above 2 billion naira ($6.5 million) would not earn interest. $1 = 306.5000 naira. Reuters