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Commodity Surveillance

Nigeria, though an oil producing state is also an agrarian country with a total land area coverage of about 910, 768 Km2 of which 33.02% are arable land and about 3.14% are suitable for permanent crops. The various commodities in the country include: cocoa, peanuts, palm oil, corn, rice, sorghum, millet, cassava (tapioca), yams, rubber etc.

The Central Bank of Nigeria undertakes the surveillance on domestic and international commodity production and prices with a view to providing policy advices to government. It holds seminars and workshops to boost the production of identified commodities such as rice, sesame seed, cocoa, neem tree, cassava etc in the country and explores local consumption and export potentials of same. It undertakes surveys and disseminates information on commodity statistics for the benefit of the general public.

The CBN is also a member of various international commodity organisations such as the International Cocoa Organisation (ICCO), the International Coffee Organisation (ICO), International Natural Rubber Organisation (INRO), Cocoa Producers Alliance (CPA), amongst others. It monitors and collects Export Levy on various export commodities and provides funding for the development of export commodities

Facts : 1/7/1959
Evolution of Departments:At inception, the organisational structure of the CBN was understandably simple consisting of two departments, namely, the General Manager's and the Secretary's Departments, with the appropriate division of labour as then percieved. The General Manager's Department was responsible for all the Department banking, currency issues, debt management and other operational functions of the bank while the Secretary's Department handled the administrative and staff matters, carried out some research into the economic and financial conditions, and collected and analysed relevant statistics for policy formulation.
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