Abuja - The Central Bank of Nigeria (CBN) is planning to withdraw N500 billion from the banking system through the recent increase in the cash reserve requirement of banks, Vanguard reports.
This was revealed by the Deputy Governor of the apex bank (Corporate Services) ayo Adelabu, while addressing members of the House of Representatives Committee on Banking and Currency on an oversight visit to the Lagos office of the bank.
Also read: CBN devalues currency
While explaining why the the Monetary Policy Rate (MPR) was increased to 13 per cent from 12 per cent, and the cash reserve requirement to 20 per cent from 15 per cent, he said the decision of was the best that could be done under the circumstance that the economy is presently.
Read more at Vanguard
- News 24