Monetary Policy
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The Conduct of Monetary Policy
The Performance of Monetary Policy In 2000
The financial system continued to face the problems of excess
liquidity. Broad money (M2) grew by 48.1 percent against the target of 14.6
percent. Narrow money (M1) grew by 62.2 percent against the target of 9.8
percent. The rate of growth of bank credit to the domestic economy was 23.1
percent as against the 27.8 percent target. Credit to the Federal Government was
162.3 percent as against the target of 37.8 percent, while credit to the private
sector rose by 30.9 percent as against the target of 21.9 percent. The Inflation
rate at 6.9 percent was better than the 9.0 percent targeted for 2000. The rate
of growth in GDP at 3.8 percent was higher than the 3.0 percent target. External
reserves stood at US$4,460.4 million, while the exchange rate stabilized at
N110.05: US$1