Due to its new monetary policy drive the Central Bank of Nigeria, CBN, may be pulling out up to N1.0 trillion from circulation in the economy through the banking system in the first month of its new monetary policy.
Already N525 billion has been pulled out less than one week after the policy which seeks to tighten money supply, while additional N219 billion is slated to be pulled out next week, just as banks’ treasury executives said they were preparing their treasury plans for more mop ups estimated to be up to N300 billion within the next three weeks.
The apex bank had last week announced a reversal of its expansionary monetary policy which it had run for eight months, in favour of contractionary measures under which the Monetary Policy Rate, MPR, was increased to 12 per cent from 11 per cent while Cash Reserve Requirement, CRR, was hiked to 22.5 per cent from 20 per cent.
Both rate increases would effectively increase interest rates, cost of funds and yields on money market instruments floated by the apex bank while transferring huge cash from the banking system into the government vault.
Of the N525 billion already pulled out, about N410 billion was quarantined in relation to the new CRR, while N115 billion was pulled out into Nigerian Treasury Bills, NTB, and with another N219 billion slated for mop up next week in NTB, the apex bank would have taken out a total of N744 billion by end of next week.
http://www.vanguardngr.com/2016/03/new-monetary-policy-pulls-n744bn-circulation/

lalasticala obinoscopy mynd44

Somebody should watch the illiterate before he signs Nigeria off to be a nuclear waste dump ground like he signed Nigeria off in MOU in Saudi.

It will be in the interest of Mr Buhari to resign now and save his life. This country can not survive more days under Buhari, one has to go. Since Nigeria is not Buhari papa property, he should walk now and save his life before it is too late.

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If you change agenda is REAL the people would feel it. You think everyone in Nigeria are fools? APC and Buhari destiny is to collapse Nigeria and turn Nigerians into refugees in their own fathers land.

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In view of the inconsistencies, errors, omissions and padding that characterised the 2016 Budget, it would be unpatriotic of NASS to forward the budget details without being extra-careful, meticulous and cautious in discharging its duties. This is to ensure we do not make same mistake that the executive made.

Buhari and Apc has shown to be common thieves. If not forthe eagle eyes of NASS, Buhari would have smuggled in the greatest heist in the history of mankind. Kudos to the leadership of NASS!

Awon Oloshi Yahoo Yahoo leaders using our commonwealth and passing it around as if na their papa toy. The thunder that will scatter the bolokos of that illiterate Nepa holder that deceived us he borrowed money to buy nomination ehhh! All of them are same and should be stoned wherever they be found. They think Nigeria na their papa property?

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