2013-07-26 | BSD/DIR/GEN/LAB/06/034

Review of the Cash Reserve Requirement (CRR) for Deposit Money Banks

On July 23rd, 2013, the Monetary Policy Committee decided to maintain the Cash Reserve Requirement (CRR) for non-public sector deposits at 12% and introduce a 50% CRR on public sector deposits. The remuneration on excess above the cash reserve requirement of 8% was discontinued. These decisions were set to take effect from August 7, 2013. To enhance government deposit renditions, banks were required to separately report details of Federal, State and Local Government deposits in their monthly and daily bank returns, with non-compliance attracting severe sanctions. The CBN closely monitored the implementation of these decisions.

Nigeria

Central Bank of Nigeria

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