2002-07-23 | MPG-RD-2004

Monetary, Credit, Foreign Trade and Exchange Policy Guidelines for Fiscal 2002/2003

In light of improvements in macroeconomic indicators, the Nigerian Central Bank has decided to relax certain monetary policy measures from 2001. It reduced its minimum rediscount rate by 200 basis points to 18.5% and will lower the cash reserve requirement for banks that increase their lending to the private sector by a minimum of 20%. These amendments aim to stimulate investment growth by moderating the cost of funds to banks, which is expected to influence the downward review of bank lending rates to the real sector. The Central Bank will continue monitoring macroeconomic developments and financial market conditions closely, adjusting measures as necessary.

Nigeria

Central Bank of Nigeria

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