CBN MPC retains 32.5% Cash Reserve Ratio

The Central Bank of Nigeria’s Monetary Policy Committee has retained Cash Reserve Ratio at 32.5 per cent.

The acting governor of CBN, Folashodun Shonubi, disclosed this on Tuesday in a communique after the MPC’s 292nd meeting.

CRR represents Commercial banks’ total customer deposits that must be deposited with CBN.

“In summary, the MPC voted to: Raise the MPR by 25 basis points, from 18.50 to 18.75 per cent; Adjust the asymmetric corridor to +100/-300 basis points around the MPR; Retain the CRR at 32.5 per cent; and retain the Liquidity Ratio at 30 per cent”.

DAILY POST recalls that in its May meeting, MPC had fixed the CRR at 32.5 per cent to tame rising inflation.