Monetary, Credit, Foreign Trade and Exchange Policy Guidelines For Fiscal Years 2018-2019


Thursday, April 04 2019  06:38 AM / CBN



The conduct of monetary policy by the Central Bank of Nigeria (CBN) in 2018/2019 will continue to be anchored on the MediumTerm Framework. The need for such framework is based on the fact that monetary policy impacts its ultimate goal with a lag. A medium term framework would thus enable the Bank anchor expections and therefore, avoid over-reaction to temporary shocks and time inconsistency problems associated with frequent changes in policies. 

The 2018/2019 Monetary, Credit, Foreign Trade and Exchange Policy Guidelines covers the period January 2018 to December 2019 and is designed to ensure both price stability and financial stability. This circular outlines the monetary, credit, foreign trade and exchange policy guidelines applicable to banks and other financial institutions under the supervision of the CBN in 2018/2019. 

The guidelines may be fine-tuned by the Bank to take account of new developments in the domestic and global economies in the period without prior notice. Such a m end m en ts s hal l be co m m u n icated to t he relevan t institutions/stakeholders in supplementary circulars. This document is organized into five Sections. 

Following this introduction, Section Two reviews developments in the global and domestic economy in 2017 as a background to the policy measures in 2018/2019. Section Three outlines the monetary and credit policy measures and guidelines to be implemented in the 2018/2019 Fiscal years. 

In Section Four, the applicable foreign trade and exchange policy measures are presented, while Section Five focuses on consumer protection issues. The annexure contains prudential guidelines, relevant reporting formats and referenced circulars.

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