CBN raises CRR by 5%
By Anthony Okafor
The Central Bank of Nigeria, CBN, said it has raised the Cash Reserve Ratio, CRR, by five percent.
The CRR, which was formally at 22.5 per cent was raised to 27.5 per cent.
Briefing the Newsmen after the first Monetary Policy Committee (MPC) meeting in 2020 held in Abuja, the CBN Governor, Mr. Godwin Emefiele, said that all other parameters were retained.
Godwin stated that, the Monetary Policy Rate (MPR) was left at 13. 5 per cent with an asymmetric corridor of +200/-500 basis points and the Liquidity Ratio retained at 30 per cent.
He noted that the CRR was raised to help address monetary induced inflation.