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Monetary Policy (Targets (Intermediate Target (Interest Rate, Exchange…

- - - - CIC + DMBs' Reserves in CBN (CRR + Excess Reserve)
- - - - "Indirect" Regime
        1993 till date
        
        Indirect Instruments
        
        Moral Suation
        
        Foreign Exchange Market Intervention
        
        Reserve Requirements
        
        Cash Reserve Ratio (CRR)
        
        22.5%, 2%???
        
        Liquidity Ratio
        (LR = liquid assets / short-term liabilities)
        
        10% - Non-Interest Banks
        
        60% Total Liabilities in Government Securities - Discount Houses
        
        80% Loan to Deposit Ratio
        
        Net Open Position (Long or Short)
        
        [Total foreign currency assets and liabilities <= 10% Shareholder's funds (unimpaired by losses)]
        
        [Aggregate Forex Borrowing <= 125% shareholders funds]
        
        Net Foreign Currency Trading Position
        
        Maximum net foreign currency trading position: -10% to 0.5% of shareholders funds (unimpaired by losses) at COB
        
        20% - Merchant Banks
        
        30% - DMBs
        
        20% - PMBs, MFBs
        
        Open Market Operations (OMO)
        
        Standing Facilities
        
        Standing Lending Facilities
        
        MPR + 200 basis point
        (MPR + 2 percentage point)
        
        Standing Deposit Facilities
        
        MPR - 500 basis point
        (MPR - 5 percentage point)
        
        Intra-day Liquidity Facilities
        
        Discount Windows Operation
        
        Open Buy-Back
        
        Reverse Repo
        
        Repo
      - "Direct" Regime
        1974 - 1992
        
        Direct Instruments
        
        Stabilization Security
        
        Cash Reserve Requirements (CRR)
        
        Injection or Withdrawal of Public Sector Funds from DMBs
        
        Directed Lending
        
        Credit Ceiling
        
        Interest Rate Fixing
        
        Exchange Rate Controls
        
        Liquidity Ratio = (Specified Liquid Asset / Total Current Liabilities) x 100