Here is the communique for the September 1st 2009 meeting of the Monetary Policy Committee from the CBN. The summary is:

Against the backdrop of signs of gradual improvement in the external economic environment and the positive outlook for the domestic economy, the Committee felt that policy initiatives are needed to further improve growth without jeopardising price and financial stability. It will, therefore, continue to manage liquidity actively to ensure that credit requirements are taken care of at reasonable interest rates while monitoring the trends in prices. The Committee will also pursue an interest rate policy that is consistent with price and financial stability and supportive of enhancing the levels of economic activity on a higher trajectory.

On foreign exchange, the policy stance remains that exchange rate should be principally market driven, but interventions will be made to mitigate tendencies towards volatility and to counteract speculative attacks on the national currency.

Decisions
In the light of the above, the Monetary Policy Committee decided to:
a) keep the MPR unchanged at 6 per cent per annum;
b) maintain the interest rate corridor at +/- 2 per cent around the MPR; and
c) Approve in principle the establishment of an “Asset Purchase Facility Fund”.

The Central Bank of Nigeria and Federal Ministry of Finance to jointly consider the modalities for setting up the APF Fund for effective liquidity injection and credit easing targeted at specific areas of the economy.