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LequteMan
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The increase in Cash Reserve Requirement (CRR) on public sector deposits from fifty to 75 percent by the Monetary Policy Committee meeting, last week, has attracted divergent reactions from the financial experts and manufacturers in the country.
At the meeting all members of the committee, including the banks executives, Central Bank of Nigeria (CBN) Governor, Sanusi Lamido Sanusi, and his deputies voted for an increase in CRR on public sector deposits with effect from February 4, 2014.
Soon after the announcement of the policy, reactions began to trail it with some major manufacturers saying the policy was capable of encouraging importation rather than manufacturing.
More details here
Source: Daily Trust
At the meeting all members of the committee, including the banks executives, Central Bank of Nigeria (CBN) Governor, Sanusi Lamido Sanusi, and his deputies voted for an increase in CRR on public sector deposits with effect from February 4, 2014.
Soon after the announcement of the policy, reactions began to trail it with some major manufacturers saying the policy was capable of encouraging importation rather than manufacturing.
More details here
Source: Daily Trust