Drop in Bank Deposits with CBN Following MPR Cut
A significant decrease in bank deposits with the Central Bank of Nigeria (CBN) has been reported after a recent reduction in the Monetary Policy Rate (MPR)
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The useful update
- MPR was cut from 27% to 26.50% by the Monetary Policy Committee
- Deposits with CBN dropped from N128.9 trillion in March to N92.32 trillion in April 2026
The stakes
- The decrease in deposits indicates that banks are reacting quickly to monetary policy changes
- Lower bank deposits with the CBN could impact liquidity and lending in the broader economy
The next check
- The Central Bank of Nigeria regularly adjusts the MPR to influence economic activity
- Interest rates directly impact how banks manage their reserves and investments
Where this came from
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Original report Banks Deposit with CBN Slumps to N92.32trn on MPR Cut
Publisher: ThisDay (NG) · Published May 4, 2:14 am · thisdaylive.com
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The short version
Kayode Tokede Following the reduction in the Monetary Policy Rate (MPR) to 26.50 per cent from 27 per cent by the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (C…
Following the reduction in the Monetary Policy Rate (MPR) to 26.50 per cent from 27 per cent by the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN), banks and merchant banks’ deposits with the CBN dropped by 28.4 per cent to N92.32 trillion in April 2026…
According to the CBN financial data, banks and merchant banks’ deposits in February 2026 stood at N61.11 trillion, a 16.18 per cent increase when compared to N52.6 trillion deposited in January 2026
What happened
- MPR was cut from 27% to 26.50% by the Monetary Policy Committee
- Deposits with CBN dropped from N128.9 trillion in March to N92.32 trillion in April 2026
- There was a prior increase in deposits from N52.6 trillion in January to N61.11 trillion in February 2026
- The Standing Deposit Facility (SDF) is preferred for risk-free returns
- Analysts attribute the drop in deposits to the recent MPR cut
Why this matters
- The decrease in deposits indicates that banks are reacting quickly to monetary policy changes
- Lower bank deposits with the CBN could impact liquidity and lending in the broader economy
- Understanding these shifts helps paint a clearer picture of the banking landscape in Nigeria
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