Breaking: Banks to increase CBN deposit

Governor of Central Bank of Nigeria, Godwin Emefiele has said comercial banks in the country would have to increase their cash reserves with the CBN.

Emefiele, announced this on Friday 24, January after a two-day meeting with monetary policy committee of the bank.

The  monetary policy committee of the bank voted to raise cash reserve ratio to 27.5%.

But commitee finalised that the policy rate, which impacts interest rate, should remain at 13.5%.