Central Bank of Nigeria
The development is coming after the monetary policy committee raised the cash reserve ratio from 27.5 percent to 32.5 percent to tame inflationary pressure. CRR is one of the ways CBN regulates the country’s money supply, inflation level and liquidity in the country. The higher the rate, the lower the liquidity with the banks.“We have increased the CRR, and we expect that this decision at this meeting must be seen to be potent and must achieve the effect that the MPC thinks it should achieve,” he said.“We expect that all the banks in Nigeria must fund their accounts by Thursday, 48 hours because we will debit them for CRR.
He added that if any bank fails to meet up, the apex bank may need to “preclude those banks from foreign exchange market until they meet this 32.5”.
cenbank What is CRR and how does debiting banks affect bank customers (account holders)?
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