CBN raises Cash Reserve Ratio to 27.5%

The Central Bank of Nigeria has raised the Cash Reserve Ratio from 22.5 per cent to 27.5 per cent.

Briefing the press 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.

Accordingly, 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.

The CBN boss explained that the CRR was raised to help address monetary induced inflation.