Cbn new policy in 2017

In 2017, the Central Bank of Nigeria (CBN) introduced several new policies aimed at stabilizing the economy, improving foreign exchange management, and promoting financial inclusion. Some of the key policies introduced by the CBN in 2017 include:

  1. Foreign Exchange (FX) Policy: The CBN introduced a new FX policy aimed at improving the management of foreign exchange in the country. The policy introduced a flexible exchange rate regime, allowing the naira to float freely against other major currencies.
  2. Cashless Policy: The CBN introduced a cashless policy aimed at reducing the use of cash transactions and promoting electronic payments. The policy introduced a limit on cash withdrawals from banks and introduced a charge on cash withdrawals above the limit.
  3. Microfinance Policy: The CBN introduced a new microfinance policy aimed at promoting financial inclusion and improving access to financial services for low-income individuals and small businesses.
  4. Payment System Policy: The CBN introduced a new payment system policy aimed at promoting the use of electronic payment systems and reducing the use of cash transactions.
  5. Financial Inclusion Policy: The CBN introduced a new financial inclusion policy aimed at increasing access to financial services for low-income individuals and small businesses.
  6. Monetary Policy Rate (MPR): The CBN increased the MPR from 11% to 14% in 2017 to combat inflation and stabilize the economy.
  7. Reserve Requirement Ratio (RRR): The CBN increased the RRR from 22.5% to 27.5% in 2017 to absorb excess liquidity in the banking system and reduce inflation.
  8. Open Market Operations (OMO): The CBN introduced a new OMO policy aimed at managing liquidity in the banking system and stabilizing the foreign exchange market.
  9. Foreign Portfolio Investment (FPI) Policy: The CBN introduced a new FPI policy aimed at promoting foreign investment in the Nigerian capital market.
  10. Savings Bond Policy: The CBN introduced a new savings bond policy aimed at promoting savings and reducing inflation.

These policies were aimed at addressing the challenges facing the Nigerian economy, including inflation, currency volatility, and low economic growth.