Regulatory Alerts2011-03-03 | FPR/DIR/CIR/GEN/01/014Modification to the Cash Reserve Requirement Framework.
▅. The Central Bank of Nigeria (CBN) has updated the Cash Reserve Requirement (CRR) framework. 2. Key changes include reserve averaging, longer computational and maintenance periods, no CRR remuneration, penalties for non-compliance, and transitional arrangements for implementation. 3. The first new CRR period starts March 9th, 2011, with banks advised of their required reserves based on a simple average of daily deposit liabilities. Non-compliant banks will face a penalty calculated by multiplying the daily deficit by a penalty interest rate.
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