Economic Policy Directorate

This directorate is made up of the following Departments:
  1. Financial Markets Department
  2. Monetary Policy Department
  3. Research Department
  4. Reserve Management Department
  5. Statistics Department
  6. Trade and Exchange Department
  7. Payments System Policy Department

This directorate develops economic policies, strategies and programmes to promote economic growth, stability and sustainability by advising on monetary, trade and investment matters.

Departments under this directorate are:-

  1. Financial Markets

    The department has the following mandate:

    • To intervene effectively in the money and foreign exchange markets to achieve monetary policy objectives.
    • To conduct auctions in government securities, Central Bank of Nigeria Securities and foreign exchange for effective iquidity management.
    • To obtain timely market intelligence reports on the impact of monetary policy decisions and promote the development of efficient markets.
    • To develop instruments to deepen the financial markets.

  2. Monetary Policy

    The department has the following mandate:

    • To Facilitate the Conceptualization and Design of the Monetary Policy of the Central Bank of Nigeria.
    • Development and provision of information services, analyses and policy papers on various areas of the economy including the financial, external, fiscal and real sectors.
    • Conduct macroeconomic modeling and forecasting.

  3. Research

    The department has the following mandate:

    • To develop and provideaccess to a rich body of knowledge, information, analyses and policy papers on various areas, including the financial, external, fiscal and real sectors as well as macroeconomic modelling and forecasting.

  4. Reserve Management

    The department has the following mandate:

    • Managing Nigeria’s foreign exchange reserves to preserve capital, maintain liquidity and generate reasonable earnings over the medium to long term on the fund invested.

  5. Statistics

    The department has the following mandate:

    • To collect, analyse and manage data on all sectors of the economy, in order to provide statistical support to the Bank, the government, international organizations and other stakeholders.

  6. Trade & Exchange

    The department has the following mandate:

    • Formulate and provide clarifications on micro policies on Foreign Exchange Management and Import & Export trade regulations;
    • Issue Authorized Dealers (ADs) licences to banks and Authorized Buyers licenses to hotels;
    • Monitor import and export trade transactions through returns and interdepartmental team operations;
    • Determine and monitor Foreign Currency Trading Position (FCTP) of banks;
    • Monitor Foreign Exchange utilization.
    • Provide reliable data on Trade & Foreign Exchange.
    • Develop and articulate foreign exchange and trade policies working with other arms of government.

  7. Payments System Policy

    The department has the following mandate:

    • To oversee, regulate, and innovate national payments infrastructure and digital currency ecosystem to ensure a secure, efficient, and inclusive financial system that supports economic stability and inclusive growth.

    8. See departments under other directorates