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CASH RESERVE RATIO (CRR)
The Central Bank of Nigeria (CBN) has revamped its Cash Reserve Requirement (CRR) policy to enhance the banking sector's operational efficiency.
Nigerian banks parted with a sum of N838.82 billion in CRR debits from the CBN
The total claims Nigerian commercial banks have against the Central Bank of Nigeria rose to N21.5 trillion as of June 2022.
The Central Bank debited banks a whopping N8.3 trillion as CRR provisions in 2020 up 58% YoY.