The Central Bank of Nigeria has retained the country’s
benchmark interest rate at the current 13 percentage point, at the end of
its two-days Monetary Policy Committee on Tuesday, while stressing the
concern to conserve foreign exchange reserves that have been depleted in recent
months to support a weakening naira.
It would be recalled that the CBN Governor, Godwin Emefiele,
at the last policy meeting said it was not possible for it to intervene on a
daily basis to supply banks with foreign exchange and support the naira
currency, following the high shrinking state of the Naira.
Emefiele said the cash reserve requirement (CRR), which was
previously 20 percent on private sector deposits and 75 percent for public
sector deposits, has been revised to 31 percent for both public and private
sector deposits.
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