CBN Increases Cash Reserves For Commercial Banks To 27.5%

Central Bank's Monetary Policy Committee voted to raise the cash reserve ratio of commercial banks to 27.5%, upping the stake for commercial banks in the country, as they would need to have their cash reserves with the apex bank increased.

The vote on the newly introduced policy was 9 out of 11 that agreed to the monetary policy rate that would have an effect on the interest rate agreed that it should remain at 13.5%.

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This news was announced by the Governor of the Central Bank of Nigeria, Godwin Emefiele, after the conclusion of the committee's two-day meeting.