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Monetary Policy

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Monetary Policy Decisions

MPC Meeting of August, 2003

  1. Reduction of Minimum Rediscount Rate (MRR) by 150 basis points to 15.0 per cent with effect from August 17, 2003;
  2. Changed the frequency of MPC Meetings from fortnightly to monthly;

MPC Meeting of June, 2003

  1. While a change in the stance of monetary policy was not considered as desirable, the need for greater fiscal prudence was emphasized.

MPC Meeting of April, 2003

  1. No additional policy action was introduced during the month.

MPC Meeting of March, 2003

  1. No new monetary policy action was introduced during the month.
Facts : 1/1/1990
Guidlines for Licensed Banks:In 1990, the CBN introduced a set of Prudential guidelines for licensed banks which were complimentary to the capital adequacy requirement and statement of accounting standards. The guidelines spelt out the criteria to be adopted by banks in classifying non-performing loans.
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