CBN Set To Pull Back N1trn From Circulation

The Central Bank of Nigeria (CBN) has revealed it is ready to pull out up to N1 trillion from circulation in a bid to stabilise the economy.

With the sum of about  N525 billion been  pulled in out less than one week after the policy which seeks to tighten money supply, additional N219 billion is slated to be pulled out next week.

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CBN Governor MR Godwin Emefiele
CBN Governor MR Godwin Emefiele

Banks’ treasury executives said they are preparing their treasury plans for more mop ups of about N300 billion.

The Central Bank Monetary Policy Rate was increased to 12 per cent from 11 per cent while Cash Reserve Requirement was hiked to 22.5 per cent from 20 per cent at its last meeting.

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Daniel Enisan is a content writer at edliner.com. With a degree in mass communication, Daniel is a full breed journalist. Daniel is a realist, loves the use of sarcasm, a movie and music junkie. He is also a poet and a good listener.

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