CBN To Pull Out N1trillion From Circulation to Stabilize Economy

In a desperate bid to stabilize the economy, the Central Bank of Nigeria, CBN,  has unveiled plans to withdraw up to N1 trillion from circulation

Already, N525 billion has been pulled out less than one week after the policy which seeks to tighten money supply, while additional N219 billion is slated to be pulled out next week

Banks’ treasury executives said they are preparing their treasury plans for more mop ups of about N300 billion.

The Central Bank Monetary Policy Rate was increased to 12 per cent from 11 per cent while Cash Reserve Requirement was hiked to 22.5 per cent from 20 per cent at its last meeting.