… adjusts commercial banks’ cash requirement to 45%, retains 16% for merchant banks
Monetary Policy Committee of the Central Bank of Nigeria, on Tuesday, reduced interest rates by 50 basis points from 27.5 per cent to 27 per cent
Central Bank Governor, Olayemi Cardoso, disclosed this while briefing the media on the outcome of the 302nd MPC meeting in Abuja, on Tuesday.
The CBN Governor also announced that cash reserve requirement for commercial banks has been adjusted to 45 per cent while that of merchant banks is retained at 16 per cent.
CBN also introduced a 75 per cent cash reserve ratio on non-TSA public sector deposit
Cardoso explained that the decision of the MPC was premised on the recent moderation in inflation.
