BREAKING: CBN to mop up liquidity from Banks by Thursday

The decision was taken to help combat inflation

The Central Bank of Nigeria has stated that it will implement aggressive cash reserve requirement “CRR” measures by mopping up liquidity from commercial banks by Thursday latest.

He warned banks to fund their accounts immediately.

This was revealed by CBN Governor Godwin Emefiele as he briefed the media following the end of the monetary policy committee meeting.

The Governor also explained that banks that fail to fund their bank accounts will be denied access to the foreign exchange market.

The apex bank believes increased liquidity is one of the major reasons why the exchange rate has been depreciating.

The MPC voted to increase interest rates to a whopping 15.5% as the apex bank battles rising inflation amidst a fiscal crisis.

Details later….

Written by Grandbros

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