Banks to increase CBN deposit as MPC raises CRR to 27.5%




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Deposit money banks in country would have to increase cash reserves with Central of Nigeria as the monetary policy committee of the bank voted to raise cash reserve ratio to 27.5%.

With a vote of nine out of 11 members, committee agreed that the monetary policy rate, which impacts interest rate, should remain at 13.5%.

Godwin Emefiele, the governor, announced this Friday after a -day meeting of committee.

details later…

TheCable