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The Monetary Policy
Department has included in its process the financial sector reforms which
was initiated to enhance competition, reduce distortion in investment decisions
and evolve a sound and more efficient financial system. The reforms which
focused on structural changes, monetary policy, interest rate administration and
foreign exchange management, encompass both financial market liberalization and
institutional building in the financial sector. In view of this, the department
provides information on financial and institutional policies during bilateral
negotiations between Nigeria and other countries.
Visit The Banks For International Settlement website - http://www.bis.org
| Facts : 1/1/1995 |
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| 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. |
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