Section 17
Section 17
The Central Bank may if it is satisfied that it is necessary to do so require licensed banks to maintain a minimum amount or amounts of assets specified in subsection (2) to be held in the Federation expressed as a percentage or percentages which such assets shall bear to the sight, savings account, time and other deposit liabilities of each bank/either jointly or separately.
(2)
For the purposes of subsection (1) the specified assets shall be—
(a)
the assets specified in subsection (6) of section 16;
(b)
loans or advances made to persons in the Federation;
(c)
securities issued by the Government or by the Government of any State or by any public authority established by any Federal law, and any other securities issued in the Federation and approved for the purposes of this section by the Central Bank; and
(d)
such other assets in the Federation as may be approved from time to time by the Central Bank for the purposes of this section.
(3)
Any licensed bank which fails to comply with the requirements of subsection (1) shall be guilty of an offence and shall on conviction be liable to a fine not exceeding one thousand dollars for every day during which the default continues.