BREAKING: CBN Mops Up Liquidity From Banks

CBN said it will start mopping up liquidity from banks Thursday.

 

Newsonline reports that the Central Bank of Nigeria Wednesday revealed that it will implement aggressive cash reserve requirement “CRR” measures by mopping up liquidity from commercial banks by Thursday latest.

ALSO: CBN Raises Monetary Policy Rate To 15.5%

He warned banks to fund their accounts immediately.

This was revealed by CBN Governor Godwin Emefiele as he briefed the media following the end of the monetary policy committee meeting.

The Governor also explained that banks that fail to fund their bank accounts will be denied access to the foreign exchange market.

 

Newsonline reports that the Nigeria’s apex bank believes increased liquidity is one of the major reasons why the exchange rate has been depreciating.

The MPC voted to increase interest rates to a whopping 15.5% as the apex bank battles rising inflation amidst a fiscal crisis.

Details later….