LAGOS — The Central Bank of Nigeria has changed banks' cash reserve requirement at least 13 times since 2000, according to a study published in the bank's Bullion journal. The ratio fell from 12 per cent in 2000 to 1 per cent in 2009 before rising steadily to 45 per cent in 2024 and 50 per cent in 2025. Credit to the private sector fell from N93.7 trillion in January 2026 to N83.2 trillion in June.