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BANKING & FINANCECOVER

CBN Injects N740billion into Banks to Ease Liquidity

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The Bankers Committee has confirmed that the Central Bank of Nigeria, CBN, has injected N740 billion to ease liquidity in the nation’s banking system.

The move came following the Cash Reserve Ratio of public sector funds drained from commercial banks due to the September 15 deadline for the commencement  of the Treasury Single Account (TSA).

The apex bank confirmed this last the weekend following concerns about how banks would survive amid the risk in the economy as fears mount that the economy could lose an estimated N492.5bn ($2.5bn) worth of investments following the country’s ejection from the United States JP Morgan Chase Index.

The CBN Governor, Godwin Emefiele, after the Monetary Policy Committee (MPC) meeting on Sept 22, announced that the regulator had slashed its Cash Reserve Ratio (CRR) to 25 per cent from 31 per cent but retained the Monetary Policy Rate (MPR) at 13 per cent and liquidity ratio at 30 per cent.

 

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