Monetary Policy
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The Conduct of Monetary Policy
The Performance of Monetary Policy In 1995
The stance of monetary policy in 1995 continued to be tight, so as to
complement a disciplined fiscal policy in order to achieve moderation in
inflationary pressures and ensure exchange rate stability.
By the end of the year, the results showed that while there was improvement in the macroeconomic environment especially the stability of the naira exchange rate, inflationary pressures and the disequilibrium in the external sector persisted. Broad money stock (M2) rose by 10.3 percent as against the 10.1 percent target and narrow money (M1) rose by 8.1 percent, a level below the target increase of 9.4 percent. Bank credit to the economy rose by 36.2 percent, surpassing the target by 24.9 percent and credit to government increased by 18.4 percent as against the 5.6 percent target. Bank credit to private sector also increased by 69.6 percent as against the 21.9 percent target.
| Facts : 7/1/1959 |
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| BOARD OF DIRECTOS:The Management of the CBN is placed under a Board of Directors which is responsible for the Policy and General administration of the Affairs and Business of the Bank.Under the original statute,the Board was composed of the Governor as Chairman,a Deputy Governor and Five other Directors all of whom were appointed by the Federal Government. |
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