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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.

By Tony Obiechina, Abuja The Central Bank of Nigeria said it is discontinuing daily Cash Reserve Ratio debits and will be adopting an updated Cash Reserve Requirement mechanism. According to CBN, the move is intended to facilitate banks’ capacity for planning, monitoring, and aligning their records with the apex bank. The Apex Bank disclosed this

The Central Bank of Nigeria has decided to stop banks' cash reserve ratio to boost the availability of funds for Nigerian banks to lend more to customers.

CBN said that it is stopping daily Cash Reserve Ratio debits and will be adopting an updated Cash Reserve Requirement mechanism.

CRR is the percentage of a bank's total deposits that it needs to maintain as liquid cash, usually kept with the CBN. The latest initiative is