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CBN declares OMO ‘poison’ for banks

....sanctions some over FX breaches ...effective CRR may hit 30-40 percent

The Central Bank of Nigeria (CBN) has again wielded its big stick on some erring banks in the country just as it sends out a clear indication that it may reduce the savings account deposit rate to 1 percent as yields crash. Highlights of the Bankers’ Committee Feedback seen by BusinessDay show that six banks…

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