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Monetary Policy

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Monetary Policy Decisions

MPC Meeting of December, 2004

  1. There was no new monetary policy action introduced at the meeting.

MPC Meeting of June, 2004

  1. Withdrawal of public sector deposits amounting to N74.5 billion (75.6 per cent of such deposits) from the deposit money banks to the CBN with effect from July 21, 2004;
  2. Phased recall of public sector funds with the deposit money banks to be sustained.

MPC Meeting of February, 2004

  1. Approval of a selective withdrawal of public sector funds from the banking system, targeting a total of N40 billion;
Facts : 1/1/1900
BOFIA:In 1991, the Bank s and Other Financial Institutions Act (BOFIA) formerly BOFI was promulgated to replace the CBN Act of 1958 and the Banking Decree of 1969 (including later amendments). The policy brought the non-bank financial intermediaries under the supervision of Central Bank of Nigeria.
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