Regulatory Alerts2002-07-23 | RD/37/2004Monetary, Policy, Foreign Trade and Exchange Policy Guidelines for 2002 Fiscal Year. Amendment No.1 to the Monetary Ploicy Circular No. 36
The Central Bank of Nigeria (CBN) has decided to relax some monetary policy measures for the fiscal year 2002 due to improvements in macroeconomic conditions. These include adjusting the Minimum Rediscount Rate (MRR) downward by 200 basis points, reducing the required cash reserve ratio (CRR) for banks increasing their credit to the real sector, and maintaining close monitoring of financial market conditions for further adjustments as needed. This will help moderate the cost of funds and influence a downward review of bank lending rates to the real sector, stimulating investment growth.
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monetary
credit
fx