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Monetary Policy

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The Conduct of Monetary Policy

The Performance of Monetary Policy In 1999
The objectives of monetary policy in 1999 were to reduce excess liquidity in the banking system; achieve single digit inflation; market based interest and exchange rates system; stable financial sector; non-inflationary growth and favorable balance of payments position. Consistent with these objectives, the monetary, credit and trade policies set targets including various policy instruments that would help achieve them. Following the enthronement of fiscal prudence by the nascent democratic government, the harsh monetary measures were progressively dismantled later in the year and finally phased out by October.

By the end of 1999, the performance of monetary policy was mixed, the broad money (M2) grew at 31.4 percent as against the target of 10.0 percent and narrow money (M1) rose by 19.9 percent compared to the 4.1 percent targeted. Bank credit to the economy rose by 35.5 percent as against the 18.3 percent target. In addition, credit to the Federal Government grew by 57.1 percent against the 10.2 percent target; while credit to the private sector was 27.3 percent against the target of 19.9 percent. The inflation rate, however, achieved a single-digit of 6.6 percent against the 9.0 percent target and GDP grew by 2.7 percent compared with the target of 3.0 percent. On the external side, external reserves was US$1,650.0 million and the exchange rate was N98.20:US$1.

Facts : 7/24/1958
First Governor of CBN:Mr. Roy Pentelow Fenton was appointed the first and the only expatriate Governor of Central Bank of Nigeria. He served from July 24, 1958 to July 24, 1963.
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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