2014-08-26 | OFI/DIR/GEN/CIR/01/009

MAINTENANCE OF CASH RESERVE REQUIREMENTS (CRR) ON

This CBN circular dated 25th August, 2014, requires all Primary Mortgage Banks (PMBs) to maintain a reserve account with the Central Bank of Nigeria (CBN), keeping 2% of their adjusted deposit liabilities as cash reserve requirements on a monthly basis. Additionally, 75% CRR is deducted from public sector deposits in line with MPC's decision. To implement this, licensed PMBs must open current accounts in the state where they are domiciled and provide their correspondence bank account details by 8th September 2014."

Nigeria

Central Bank of Nigeria

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