CBN says raising the CRR on private sector deposit for real sector would not impact negatively on private sector lending.
The Central Bank of Nigeria, CBN, at its 237th meeting of the Monetary Policy Committee, MPC, on Tuesday, raised the Cash Reserve Ratio, CRR, on private sector deposit by 300 basis points – from 12 to 15 per cent.
This was part of its monetary policy initiatives aimed at sustaining price and overall macro-economy stability in the country.
This was part of its monetary policy initiatives aimed at sustaining price and overall macro-economy stability in the country.
The Acting Governor of the CBN, Sarah Alade, told journalists at the end of the meeting that the Committee decided to retain its monetary policy rate, MPR, – also known as the lending rate to banks – at 12 per cent and its corridor at current levels of +/-2 per cent.
Posted by , Published at 11:54 PM and have
