Home | About Us | FAQs | RSS | Contact Us | Sitemap | Careers | Educational  

Monetary Policy

MPC Mandate of the CBN | Calendar of Meetings | Conduct of MPC | Committees | Educational | FAQ's | Policy Decisions | Policy Communiques | Intl. Economic Cooperations | Monetary Policy Review | Policy Measures | Understanding Monetary Policy Series

The Conduct of Monetary Policy

The Performance of Monetary Policy In 1993
The goals of monetary policy in fiscal 1993 were to reduce the inflation rate, minimize pressures on the external sector, stimulate growth in production and output, and reduce pressure on the balance of payments to ensure stable exchange and interest rates.

By the end of the year, there was a rapid expansion of monetary and credit aggregates as broad money rose by 52.8 percent instead of the target of 20 per cent and narrow money by more than 50 per cent instead of the 18 percent target. The trend was the same for other key aggregates. The rate of growth of real output as measured by GDP at 1984 constant factor cost declined, inflation rose and unemployment increased.

Facts : 1/1/1995
National Clearing System Re-Visited:In January 1995, a revised clearing rule became operational to facilitate effective clearing of financial instruments and shorten the period of clearing. Consequently, inter-state cheque clearing time was reduced from 21 days to 15 days, while intra-state clearing has been reduced from 12 days to 9 days.
See All: Facts | Events