Nigeria's cbank up banks' cash deposit to 40%

NIGERIA - Nigeria's Central Bank on Apr 19 announced it has raised the percentage of deposits that banks must now keep in cash to 40 percent from 35 percent.

In a memo to all banks, the central bank said it was increasing the liquidity ratio to mop up the massive amounts of money flooding the economy. The central bank blames the excess liquidity for driving up inflation and causing the value of the naira currency to fall 4.5 percent last week.

"The central bank has decided to adjust upward bank