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LequteMan
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The Central Bank of Nigeria (CBN) is set to pull out up to N1 trillion from circulation in order to stabilise the Nigerian economy.
Already, N525 billion has been pulled out less than one week after the policy meeting which seeks to tighten money supply was held. An additional N219 billion is slated to be pulled out next week
Banks’ treasury executives said they are preparing their treasury plans for more mop ups of about N300 billion.
The move is a bid by the apex bank to reduce the country's inflation rate, which has been steadily increasing of late.
The Central Bank Monetary Policy Rate was increased to 12 per cent from 11 per cent while Cash Reserve Requirement was hiked to 22.5 per cent from 20 per cent at its last meeting.
Already, N525 billion has been pulled out less than one week after the policy meeting which seeks to tighten money supply was held. An additional N219 billion is slated to be pulled out next week
Banks’ treasury executives said they are preparing their treasury plans for more mop ups of about N300 billion.
The move is a bid by the apex bank to reduce the country's inflation rate, which has been steadily increasing of late.
The Central Bank Monetary Policy Rate was increased to 12 per cent from 11 per cent while Cash Reserve Requirement was hiked to 22.5 per cent from 20 per cent at its last meeting.
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