- The CBN governor has just announced that the monetary policy committee as announced it is reducing Public Sector CRR from 75% to 31%.
- It consequently, increase private sector CRR from 20% to 31%
- The CBN MPC also agreed to hold benchmark interest rate unchanged at 13%.
- Liquidity ratio was left at 30%
- This is the last policy meeting before President-elect Muhammadu Buhari takes office in Africa’s biggest oil producer on May 29.
- More to follow
It is actually a 11.42% reduction frm harmonized CRR – 35% (Feb-2015) to harmonized CRR – 31% (May-2015).
How did you arrive at 35%?