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BREAKING: Banks to increase CBN deposit as MPC raises CRR to 27.5%

Deposit money banks in the country would have to increase their cash reserves with the Central Bank of Nigeria as the monetary policy committee of the bank voted to raise cash reserve ratio to 27.5%.

Monetary policy rate, which impacts interest rate, should remain at 13.5%.

The CBN governor, Godwin Emefiwle announced this on Friday after a two-day meeting of the committee.

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