The CBN disclosed these in its monthly economic report for July and August 2020.
Banks borrow from the CBN through the Standing Lending Facility (SLF) while they place deposit with the apex bank through the Standing Deposit Facility (SDF).
“Banks took advantage of the situation to scale up operations in the face of the COVID-19 pandemic. Applicable rates for the SLF and Standing Deposit Facility (SDF) remained at 14.5 per cent and 7.5 per cent, respectively.
“The total request for the SLF granted, in August 2020, was N112.73 billion, made up of N83.30 billion direct SLF and N29.43 billion Intraday Lending Facilities (ILF) converted to overnight repo. The daily average was N9.39 billion in 12 transaction days from August 3 to 25, 2020. “Total interest earned at 14.5 per cent was N0.06 billion.
“The total SDF granted, during the review period, was N441.65 billion with a daily average of N25.98 billion in 17 transaction days from August 3 to 25, 2020. Daily requests ranged from N6.00 billion to N41.40 billion. The cost incurred on SDF in the month stood at N0.12 billion.”