CRR increment: Agency lauds CBN-MPC, describes move as `proactive’

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CBN Governor, Godwin Emefiele

By Ginika Okoye

The National Co-operative Financing Agency of Nigeria (CFAN)on Tuesday described the Cash Reserve Ratio (CRR) increment by the CBN Monetary Policy Committee (MPC) as a bold and good move for the economy.

The Executive Secretary of CFAN, Mr Emmanuel Atama, told the News Agency of Nigeria (NAN) in Abuja on Tuesday, that the decision was a control measure to check inflation in the country.

Atama said that the apex bank usually used her instrument to create a balance in the economy.

“Those are control measures. It was identified that there were excess liquid in the economy and when there is excess liquid, the CBN always uses her instruments to create a balance.

“We know that when there is too much money in the economy, it encourages inflation and you can see that inflation rate has also gone up.

“I think the CBN is just being proactive in getting things done,’’ he explained.

The executive secretary said the implication…



Source: News Agency of Nigeria