Archive Financial expert advise banks against TSA loss

Financial expert advise banks against TSA loss

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A financial expert, Johnson Chukwu, has called for a downward review of the cash reserve ratio for commercial banks by the Central Bank of Nigeria (CBN).

Chukwu, told Newsmen in Lagos, that the downward review would mitigate the shocks caused by the Treasury Single Account (TSA).

He spoke against the backdrop that the nation’s banks would be losing about two trillion Naira deposits to the CBN due to the implementation of the TSA.

President Muhammadu Buhari had ordered Ministries, Department and Agencies (MDAs) to comply with constitutional provisions of operating the TSA.

Chukwu noted that the review would enable deposit money banks to sustain their liquidity levels in the economy.

He said that recent innovations in marketing should be adopted by the banks to woo new depositors, especially from the informal sector of the economy.

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