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CBN rolls out modified guidelines for CRR implementation

CBN rolls out modified guidelines for CRR implementation
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Central Bank Of Nigeria Stops Daily Cash Reserve Debits For Commercial Banks

The Central Bank of Nigeria (CBN) has announced the stoppage of the daily Cash Reserve Requirement (CRR) debits for banks. In a circular issued on Friday, addressed to all banks with Ref: BSD/DIR/PUB/LAB/016/027, the apex bank said that it would be adopting an updated Cash Reserve Requirement (CRR) mechanism which it said was intended to facilitate banks’ capacity for planning, monitoring and aligning their records with the CBN.

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