CBN Releases Cash Reserve Ratio Survey – [See How To Participate]

The Central Bank of Nigeria (CBN) has requested feedback from Nigerians regarding the resolutions reached during its latest Monetary Policy Committee (MPC) meeting.

Naija News reports that the recent MPC meeting, which marked the inauguration of Olayemi Cardoso as the Governor of CBN, witnessed the formulation of five significant resolutions by the policy organ.

In light of the meeting’s outcome, the MPC opted to raise the country’s interest rate by 400 basis points, resulting in a new rate of 22.75 percent, as opposed to the previous 18.75 percent.

Additionally, the Cash Reserve Ratio was increased from 32.5 percent to 45.0 percent, while the liquidity ratio remained unchanged at 30 percent, among other decisions.

On Monday, however, the CBN released a survey via its official X platform, asked Nigerians to give their feedbacks.

“The Central Bank of Nigeria recently held its 293rd Monetary Policy Committee meeting. Kindly fill out the survey using the attached link to share your views about the decisions made at the meeting,” the post on X account read.

Visit the page below to see how to participate in the survey:

The Central Bank of Nigeria recently held its 293rd Monetary Policy committee meeting. Kindly fill the survey using the attached link to share your views about the decisions made at the meeting…https://t.co/nQZeebHodS pic.twitter.com/L8FLiZcKeh

— Central Bank of Nigeria (@cenbank) March 4, 2024

Hardship: Customs To Resume Distribution Of Seized Rice, Other Food Items

Meanwhile, the Nigeria Customs Service, Oyo/Ogun Command, has announced plans to begin another round of distribution of seized rice and other food items to citizens.

The Area Controller, Oyo/Osun Command, Ben Oramalugo, said this on Sunday while speaking with newsmen at the command headquarters in Ibadan, the Oyo State capital.

Recall that NCS began the distribution of seized food items on the order of the Federal Government to Nigerians to help mitigate the current hardship in the country.

However, the rice sale was suspended due to a tragic incident in Lagos, where scores of people died during an attempt to force their way into the venue.

Speaking on new plans to distribute food items, Oramalugo said the move is to alleviate the hardship Nigerians are facing due to the skyrocketing prices of food and the high cost of living.

He added that the Service will begin another round of distribution as soon as the Federal Government finalises the modalities for the exercise to prevent a repeat of the tragic incident that happened in Lagos weeks ago.

He said that the distribution of the seized items would go a long way in alleviating the hardship being faced by many families, adding that they are committed to ensuring that the seized rice is distributed fairly and transparently, with eligible beneficiaries carefully screened and verified before they receive the items.