The Central Bank of Nigeria (CBN) on Friday revised the Cash Reserve Ratio (CRR) of merchant banks to 10 percent from 32.5 percent.
Haruna Mustafa, director, banking supervision disclosed this
in a letter to all Merchant banks dated July 14, 2023.
The CRR is the share of a bank’s total customer deposit that
must be deposited with the central bank.
The new fresh cut reverses significantly the increase in the
CRR by the Monetary Policy Committee (MPC) last September from 27.5 percent to
32.5 percent to tame inflationary pressure.
0 comments:
Post a Comment