July 11, 2019 / 10:33 AM / 5 months ago

Nigeria to limit bank deposits with central bank to boost lending

LAGOS, July 11 (Reuters) - Nigeria plans to limit daily bank placements with the central bank and the interest paid on them, in a bid to boost credit in Africa’s biggest economy, the regulator said in a circular.

The central bank said in a circular dated July 10 that daily placements with apex bank by lenders above 2 billion naira ($6.5 million) would not earn interest.

$1 = 306.5000 naira Reporting by Chijioke Ohuocha Editing by Edmund Blair

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