The Central Bank of Nigeria (CBN) continued to adopt the medium-term framework for the conduct of monetary policy in 2010/2011. The understanding was that monetary policy impacted the ultimate objective of price stability with a lag, while the need to free monetary policy from time inconsistency problem and over-reaction to temporary shocks, informed the policy continuity.
The 2012/2013 Monetary, Credit, Foreign Trade and Exchange Policy Guidelines, anchored on the medium term framework of the two-year period, January 2012 to December 2013, is expected to strengthen the gains of the previous years.
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