L
LequteMan
Guest
Nigerian banks are finding it a bit difficult to raise cash to meet daily obligations and operations following the CBN's raising of the Cash Reserve Ratio on private sector deposits a couple of weeks ago. PUnch reports:
Exactly two weeks after the Central Bank of Nigeria’s Monetary Policy Committee raised the Cash Reserve Ratio on private sector deposits from 15 per cent to 20 per cent, Deposit Money Banks are experiencing difficulties in raising adequate cash to meet their daily obligations and operations, investigation by our correspondent has revealed.
Officials of banks also confirmed on Monday that the development had made the overnight lending rate of the Nigerian Interbank Offer Rate to rise to 44 per cent, down from around 13 per cent a month ago.
The MPC had, during the once-in-two-month meeting on November 25, raised its benchmark interest rates by one percentage point to 13 per cent, and devalued the naira by eight per cent, as it sought to reduce pressure on the falling naira.
click here to read more
Source: Punch
Exactly two weeks after the Central Bank of Nigeria’s Monetary Policy Committee raised the Cash Reserve Ratio on private sector deposits from 15 per cent to 20 per cent, Deposit Money Banks are experiencing difficulties in raising adequate cash to meet their daily obligations and operations, investigation by our correspondent has revealed.
Officials of banks also confirmed on Monday that the development had made the overnight lending rate of the Nigerian Interbank Offer Rate to rise to 44 per cent, down from around 13 per cent a month ago.
The MPC had, during the once-in-two-month meeting on November 25, raised its benchmark interest rates by one percentage point to 13 per cent, and devalued the naira by eight per cent, as it sought to reduce pressure on the falling naira.
click here to read more
Source: Punch
