MPC Increased Cash Reserve Ratio by 500bps to 27.5%
In our MPC Preview (See report: Dovish stance but hawkish actions), we had argued that the CBN’s recent unusual debit of Deposit Money Banks (DMBs) with ‘excessive’ bids at both OMO and SMIS FX auctions could result in the institutionalization of a higher CRR this year.
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