Economics
Nigerian Banks to Take $3.8 Billion Hit for Missing Targets
- Central bank debits cash reserves of commercial lenders
- Crashing oil prices and coronavirus hitting Nigerian economy
The headquarters of the Nigerian central bank stands in Abuja.
Photographer: George Osodi/Bloomberg
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Nigeria’s central bank took 1.47 trillion naira ($3.8 billion) from lenders as additional cash reserves for failing to meet regulatory targets, according to people with knowledge of the matter.