MONETARY POLICY IN NIGERIA BANKING INDUSTRY ( A CASE STUDY OF FIRSTBANK OF NIGERIA OWERRI BRANCH)

CHAPTER ONE

• INTRODUCTION

Currently, monetary policy has been taken to be a very vital measure in controlling the Nigeria economy this is one of the principal functions of the firstbank of Nigeria (CBN). The CBN caries out this responsibility on behalf of the federal Government of Nigeria through a process outlined in the firstBank of Nigeria Decree 24, 1991 section 8 sub sections 1 and 2, the Governor shall keep the president informed of the monetary and banking policy pursued or intended to be pursued the Bank. The president after due consideration may, in writing, direct the bank as to monetary and banking policy pursued or intended on the board which shall forthwith take all steps necessary or expedient to give effect there to

Monetary policy is a programme of action undertake by the monetary authorities, generally the firstbank, to control and regulate the demand for and supply of money with the public and the public and the flow of credit with view to achieving predetermined macroeconomic goals

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