MONEY, CREDIT, FOREIGN TRADE AND EXCHANGE POLICY GUIDELINES FOR 2004-2005
Policy · Finance
Policy date: 2004-01-01
Guidelines set monetary policy targets, credit policies, and foreign exchange rules for Nigeria's economy in 2004-2005. They target banks, businesses, and government managers involved in financial operations. This promotes price stability and economic growth.
MONEY, CREDIT, FOREIGN TRADE AND EXCHANGE POLICY GUIDELINES FOR 2004-2005
What Is This Policy?
The CBN's annual monetary policy guidelines for 2004-2005 setting out the monetary policy targets, credit policies, foreign exchange guidelines, and interest rate framework for the Nigerian economy for that period.
Who Does It Target?
Banks and financial institutions following CBN monetary guidelines Businesses planning credit and foreign exchange requirements Federal Government economic managers Economists and analysts studying Nigeria's monetary history
What Does It Aim to Achieve?
Provide clear monetary policy targets and operational guidelines for the 2004-2005 financial year to achieve price stability, economic growth, and external sector stability.
Key Features
Monetary Targets: Sets targets for money supply growth, inflation, and exchange rate stability. Credit Guidelines: Prescribes credit allocation guidelines for priority sectors. Forex Framework: Outlines the foreign exchange policy and market operations framework. Interest Rates: Provides guidance on lending rate bands and CBN policy rate.
Current Status
Rollout Stage: Historical — superseded by subsequent annual guidelines Coverage: Nigerian monetary and financial sector 2004-2005 Beneficiaries: Historical — economic stability, 2004-2005 Funding: Not applicable
How to Access
Historical reference — access CBN publications archive Current monetary policy: https://www.cbn.gov.ng Application method: Access CBN annual reports at https://www.cbn.gov.ng
Important Terms
CBN publishes updated monetary policy guidelines annually The Monetary Policy Committee now sets policy rates quarterly 2004 was during the bank consolidation era — guidelines reflected this context
Official Resources
Website: https://www.cbn.gov.ng Contact: Central Bank of Nigeria (CBN)
Legal Framework
The CBN Money, Credit, Foreign Trade and Exchange Policy Guidelines 2004–2005 are issued under the Central Bank of Nigeria Act (then applicable version). They operate alongside the Banks and Other Financial Institutions Act 1991 (as amended), the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act 1995 (FEMA), and the IMF Articles of Agreement on exchange restrictions. The current framework is governed by the CBN Act 2007 and subsequent monetary policy communiqués.