mmsen:
15% still sounds awfully low.

That is how the American (and European) banks got themselves into the mess that almost completely destroyed the global banking sector.

Lol, it's 3% in US

KevinBrown:


Lol, it's 3% in US

That figure is for those institutions with less than 100 million usd (it's 10% for those exceeding 100 million), which still is not healthy.

The reason why people were so critical of the US government post bail out is because the measures that were asked of the financial institutions were not sufficient to stop the fiasco from happening again.

Billyonaire:
This is delivering more bank marketers to our beds.

You are wicked Sir

*holds laugh*

And those who have Fixed Deposit account are going to have a hard time realizing such.

ayoola22:
This is March 2014, so stale new

Yea, it is but I didn't know it was going to hit FP.

Apart from being a forum for sharing information, Nairaland is a sort of online diary for me.

Apologies for the dashed expectation.

CRR is now 20% for private sector deposits.

MaleoPearls:
They better start offering better services before BABA is sworn in on May 29 otherwise na Gbege oooo














Modified*********
I am secondus to commentus. I am dedicating this achievement to the amiable General M Buhari GCFR ( President of NIGERIA 2015-2019 and if he performs well, which we know he will, we shall massively return him 2019-2023)









APC!!! POWER TO NIGERIANS!!!!

He will close banks and jail bankers or what. If you don't re-align your expectations with certain realities you will either flee or inundate this forum with more tales of woe. Buhari simply cannot do all these things expected of him. Most are just pie in the sky.

Taaaaaahhhhh parrrrrrrkkk


Pull over

Reference:


He will close banks and jail bankers or what. If you don't re-align your expectations with certain realities you will either flee or inundate this forum with more tales of woe. Buhari simply cannot do all these things expected of him. Most are just pie in the sky.

cecegorz:
This is One year old!
[size=18pt]This MOD needs to be flogged with BROOM![/size]
CRR had been 15% since last year.

Oh, the article is even March 2014 edition

The article is on Match 31, 2014 edition of Punch

mmsen:


That figure is for those institutions with less than 100 million usd (it's 10% for those exceeding 100 million), which still is not healthy.

The reason why people were so critical of the US government post bail out is because the measures that were asked of the financial institutions were no sufficient to stop the fiasco from happening again.

But you know if it gets any lower there will be serious financial melt down. Its even in order to encourage loaning that the federal reserve qualitative easing is currently going on.

This news is quite stale as CRR is 20percent for private sectors. This took effect last year.

In simple terms , CRR is the percentage of deposit or liablity which the bank must keep with CBN. For example, if N100 u deposit in the bank, the bank sets asides 20 naira to be kept with CBN.

The implication of this is that the bank has just 80naira to do business with, hence it must lend that 80 naira at a high interest to recover the initial 100 and also interest accrued on the initial 100 naira deposited.

Thank you

CRR has been increaded to 20% since november 2014. You can confirm it