Business CBN bars banks from lending more than 25% of public funds- Nigerian Eye

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The Central Bank of Nigeria, CBN, has raised the Cash Reserve Ratio, CRR, on public deposits from 50 per cent to 75 per cent with effect from next month.

The Governor of the apex bank, Mallam Sanusi Lamido Sanusi, who announced the new measure to further tighten monetary policy, in Abuja, yesterday, said the action was necessary to save the Naira from further fall in value.

MPR remains at 12 per cent +/- 200 basis points and liquidity ratio (LR) at 30 per cent while private deposits’ CRR remains at 12 per cent.

He expressed concern over the continued depletion of the Excess Crude Account, ECA, which balance stood at less than US$2.5 billion on January 17, 2014 compared with about US$11.5 billion in December 2012.

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Source: Nigerian Eye

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