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Monetary Policy

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Monetary Policy Decisions

MPC Meeting of December, 2004

1. There was no new monetary policy action introduced at the meeting.

MPC Meeting of June, 2004

1. Withdrawal of public sector deposits amounting to N74.5 billion (75.6 per cent of such deposits) from the deposit money banks to the CBN with effect from July 21, 2004;
2. Phased recall of public sector funds with the deposit money banks to be sustained.

MPC Meeting of February, 2004

1. Approval of a selective withdrawal of public sector funds from the banking system, targeting a total of N40 billion;