The Central Bank of Nigeria (CBN) on Friday revised the Cash Reserve Ratio (CRR) of merchant banks to 10 percent from 32.5 percent.
Haruna Mustafa, director, banking supervision disclosed this in a letter to all Merchant banks dated July 14, 2023.
Read also: Tough times for Nigerian banks as CRR hits record high
The CRR is the share of a bank’s total customer deposit that must be deposited with the central bank.
The new fresh cut reverses significantly the increase in the CRR by the Monetary Policy Committee (MPC) last September from 27.5 percent to 32.5 percent to tame inflationary pressure.
Hope Moses-Ashike
Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks.
She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings.
Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.
