CBN Introduces 75% CRR on Non-TSA after Interest Rate Cut

The Central Bank of Nigeria has introduced a 75 percent cash reserve ratio on non-Treasury Single Accounts after announcing the first interest rate cut since 2023.

The Governor of the Central Bank disclosed this on Tuesday in a press conference after its two-day 302nd Monetary Policy Committee meeting.

This comes as the CBN moderated downward monetary policy measures.

DAILY POST reports that MPC slashed the interest rate by 50 basis points to 27 per cent, down from 27.50 per cent.

The apex, the highest decision-making body, MPC, also adjusted the Cash Reserve Ratio, CRR, to 45 per cent for Deposit Money Banks and 16 per cent for Merchant Banks.

It also adjusted the asymmetric corridor at +250/-250 basis points around the MPR.

The committee retained the liquidity ratio, LR, at 30 percent.

The development comes as the interest rate moderated for the fifth time to 21.12 per cent in August.