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Monetary Policy

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The Conduct of Monetary Policy

The Performance of Monetary Policy In 1991
In 1991, the monetary policy measures of the CBN were aimed at consolidating and enhancing the gains already made in the reduction of the inflation rate and the pressure on the external sector, as well as the stimulation of domestic production capacity.

However, the performance was not all that encouraging as narrow money (M1) grew by 32.6 percent surpassing the 14.6 percent target for the year. Banking credit to the economy grew at a rate of 45.3 percent in excess of the 10.6 percent target. Bank credit to government grew by 66.8 percent instead of the 0.0 percent target. Credit to private sector grew by 33.2 percent as against the 0.0 percent target. GDP was 4.4 percent compared with 8.3 percent in 1990 and the inflation rate increased from 7.4 percent in 1990 to 13.0 percent.

Facts : 1/7/1959
Evolution of Departments:At inception, the organisational structure of the CBN was understandably simple consisting of two departments, namely, the General Manager's and the Secretary's Departments, with the appropriate division of labour as then percieved. The General Manager's Department was responsible for all the Department banking, currency issues, debt management and other operational functions of the bank while the Secretary's Department handled the administrative and staff matters, carried out some research into the economic and financial conditions, and collected and analysed relevant statistics for policy formulation.
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