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.