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Monetary Policy

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The Conduct of Monetary Policy

The Performance of Monetary Policy In 1990
The focus of policies in 1990 remained the moderation of inflation, stimulation of the private sector output, minimization of unemployment as well as reduction of pressure on the external sector. The stance of monetary policy during the year remained moderately restrictive. The monetary and credit targets were set for M1 as 13.0 percent, Credit to government was set at 10.9 percent, and credit to private sector 15.8 percent.

The performance of monetary policy was weak as the growth in M1 substantially exceeded the 13.0 percent target for the fiscal year while credit to the private sector increased by 18.4 percent as against the target of 15.8 percent. The net credit claim on government increased to 14.9 percent compared to the decline of 33.5 percent in 1989. Overall, the Nigerian economy was more stable in 1990, than in the preceding two years. This was due to the continued implementation of appropriate macroeconomic policies during the period. The growth in domestic output was sustained, while the rate of inflation declined sharply from 50.5 percent in the previous year to 7.5 percent. Pressure from the external sector eased further with the over all balance of payments recording a surplus. The stock of external assets increased by 91.2 percent to further enhance confidence in the external sector.

Facts : 1/1/1978
PHYSICAL EXPANSION:Calabar, Ilorin and Sokoto branches were opened.
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We are open for business Monday through Friday except on national holidays. Official visiting days are Tuesdays and Thursdays by appointment only. Our working hours are from 8:00a.m. - 4:00p.m.

Address

Central Bank of Nigeria
Plot 33,
Abubakar Tafawa Balewa Way
Central Business District,
Cadastral Zone,
Federal Capital Territory,
Nigeria

Post Office Box

P.M.B. 0187,
Garki Abuja.
Nigeria

Phones

General Switch Board:
See Reception Desk below

Authorized Dealer Enquires
+234 9 462 37804,
+234 9 462 37802

Reception Desk
+234 9 462 39701-02

Forex Helpdesk
+234 9 462 37827
+234 9 462 37831

Commercial Agricultural Credit Scheme (CACS)
+234 9 46237602

Corporate Communications
+234 9 462 36011
Fax: +234 9 462 36012
cad@cbn.cbn.gov

Complaints Against Financial Institutions
cpd@cbn.gov.ng