header image

CBN Raises Bank Despoit Requirements to 75% Cash

Nigerian Stock Exchange Banking 10 Index falls 2.8% on news

The CBN has increased the amount of deposits banks must hold as cash to 75% yesterday, from previously amount of 50%. Governor Lamido Sanusi said too much liquidity in the banks is posing a risk to price stability.

The bank also left interest rates at 12%, a record high, in an attempt to boost the naira.

Skye Bank Plc declined 8.9% to 4.01, whist Guaranty Trust Bank Plc fell as much as 5.2 percent.