2011-10-11 | FMD/DIR/GEN/CIR/02/004

SUSPENSION OF RESERVE AVERAGING SCHEME AND CHANGE IN CASH RESERVE REQUIREMENT

The Central Bank of Nigeria has suspended its Reserve Averaging Scheme effective October 12th and increased the Cash Reserve Ratio from 4% to 8%, applicable on a monthly basis with daily maintenance. This information was communicated in a circular dated October 11, 2011, following decisions made at an Extraordinary Monetary Policy Committee meeting held on October 10, 2011. The change affects all Deposit Money Banks (DMBs) in Nigeria and is overseen by the Financial Markets Department.

Nigeria

Central Bank of Nigeria

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