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CBN taps cash reserve ratio debits as backdoor of piling OMO costs

Nigeria’s central bank is using discretionary Cash Reserve Ratio (CRR) debits as a backdoor of mopping liquidity in the banking sector following the balance sheet damage done by issuing Open Market Operations (OMO) bills at high interest rates over the past three years, according to sources familiar with the matter. By debiting banks over CRR…

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