2002-07-23 | RD/37/2004

Monetary, Policy, Foreign Trade and Exchange Policy Guidelines for 2002 Fiscal Year. Amendment No.1 to the Monetary Ploicy Circular No. 36

In response to the moderation in economic pressure since fiscal year 2002, the Central Bank of Nigeria (CBN) has decided to relax some monetary policy measures implemented in 2001. The Minimum Rediscount Rate was adjusted downward by 200 basis points to 18.5%, and the required cash reserve ratio for banks increasing their credit to the real sector will be reduced by 300 basis points if they increase lending by a minimum of 20%. These measures are intended to stimulate investment growth while closely monitoring macroeconomic developments and financial market conditions, fine-tuning as necessary.

Nigeria

Central Bank of Nigeria

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