Following the increase of the Cash Reserve Requirement on public sector deposits from 50 per cent to 75 per cent last week by the Monetary Policy Committee, the Central Bank of Nigeria will on February 4 withdraw an estimated sum of N1tn from the Deposit Money Banks when the policy […]
Tag: Cash Reserve Requirement
75% CRR: Banks to cut jobs, operating costs
Less than 24 hours after the Monetary Policy Committee of the Central Bank of Nigeria announced the increase in the Cash Reserve Requirement on all public sector deposits to 75 per cent, indications have emerged that Deposit Money Banks are already considering job cuts and massive reduction in other operating […]
Nigeria central bank acts to support naira, worried about govt spending
* Key interest rate held at 12 pct for 14th time * Cbank says committed to exchange rate stability * Sanusi concerned about falling oil savings, leakages * High spending ahead of elections next year a worry (Adds details, quote, background) Nigeria’s central bank lifted the cash reserve requirement […]
