CBN Journal of Applied Statistics
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The legal backing for monetary policy by the Bank derives from the various statutes of the bank such as the CBN Act of 1958 as amended in CBN Decree No. 24 of 1991, CBN Decree Amendments 1993,No. 3 of 1997,No. 4 of 1997,No. 37 of 1998,No. 38 of 1998,1999 and CBN Act of 2007.
Section 12 Sub-sections (1) to (5), CBN Act of 2007 (Ammended)
In order to facilitate the attainment of price stability and to support the economic policy of the Federal Government, there shall be a Committee of the Bank known as the Monetary Policy Committee (in this Act referred to as "the MPC")
The MPC shall have responsibility within the Bank for formulating monetary and credit policy
The appointment of a member of the MPC pursuant to sub-section 2 (d) and (e) of this section, the remuneration , filling of temporary vacancies,
qualification, tenure of office and disqualification shall be subject to the same terms as are stipulated for a Director under sections 10 and 11 of this Act.
The provisions of the Second Schedule to this Act shall have effect with respect to the proceedings of the MPC
Naira notes and coins are printed/minted by the Nigerian Security Printing and Minting Plc (NSPM) Plc and other overseas printing/minting companies and issued by the Central Bank of Nigeria (CBN). At the currency printing works of the NSPM Plc, quality is meticulously controlled throughout every process of currency production. This guarantees that every note issued meets the required standard. The CBN maintains an office called Mint Inspectorate in the premises of the NSPM Plc to maintain security and quality of Naira notes and coins.
Currency is issued to deposit money banks through the branches of the CBN, and old notes retrieved through the same channel. Currency deposited in the CBN by the banks are processed and sorted to fit and unfit notes in line with the clean note policy. The clean notes are re-issued while the dirty notes are destroyed.
Currency in Circulation (₦ m)
Development financing is one of the requirements for sustainable economic growth in any economy. The supply of finance to various sectors of the economy will promote the growth of the economy in a holistic manner and this, will make development, welfare improvement to proceed at a faster rate.
The Central Bank of Nigeria development finance initiatives involve the formulation and implementation of various policies, innovation of appropriate products and creation of enabling environment for financial institutions to deliver services in an effective, efficient and sustainable manner. The initiatives are mainly targeted at agricultural sector, rural development and micro, small and medium enterprises.
Financial inclusion has continued to assume increasing recognition across the globe among policy makers, researchers and development oriented agencies. Its importance derives from the promise it holds as a tool for economic development, particularly in the areas of poverty reduction, employment generation, wealth creation and improving welfare and general standard of living.
A survey conducted in Nigeria in 2008 by a development finance organization, the Enhancing Financial Innovation and Access revealed that about 53.0% of adults were excluded from financial services. The global pursuit of financial inclusion as a vehicle for economic development had a positive effect in Nigeria as the exclusion rate reduced from 53.0 % in 2008 to 46.3 % in 2010.
The payments system plays a very crucial role in any economy, being the channel through which financial resources flow from one segment of the economy to the other. It, therefore, represents the major foundation of the modern market economy. Essentially, there are three pivotal roles for the payments system, namely: the Monetary Policy role, the financial stability role and the overall economic role.
The Nigerian Payments System witnessed remarkable achievements in the recent past, with the introduction of a number of initiatives under the Payments System Vision 2020
Since the introduction of Whole Sale Dutch Auction System (WDAS) on February 20, 2006, the liberalized Foreign Exchange Market witnessed unprecedented stability most of which include the following:
The supervisory function of CBN is structured into five departments:1. Financial Policy and Regulation Department
Financial Policy and Regulation department develops and implements policies & regulations aimed at ensuring financial system stability. It also licenses & grants approvals for banks and other financial institutions.
Banking Supervision Department carries out the supervision of Deposit money banks and Discount houses while Other Financial Institutions Supervision Department supervises other financial institutions.
The CBN in April 1994 undertook to facilitate a formal framework for the co-ordination of regulatory and supervisory activities in the Nigerian financial sector by establishing the Financial Services Coordinating Committee (FSCC) to address more effectively, through consultations and regular inter-agency meetings, issues of common concern to regulatory and supervisory bodies.
On 27th May, 1994, the name of the Committee was changed to Financial Services Regulation Coordinating Committee (FSRCC). The Committee was accorded legal status by the 1998 amendment to Section 38 of the CBN Act 1991 and formally inaugurated by the Governor of the CBN in May 1999. http://www.fsrcc.gov.ng/
|cbnjas-vol11no2-h2||CBN JAS Volume 11 Number 2: Back Cover |
|cbnjas-vol11no2-h2||CBN JAS Volume 11 Number2: List of Reviewers |
|cbnjas-vol119no2-h2||CBN JAS Volume 119 Number 2: Instructions to Contributors |
|cbnjas-vol11no2-h2||CBN JAS Volume 11 Number 2: Front Pages and Contents |
|cbnjas-vol11no2-h2a||CBN JAS Article:Currency Substitution and Exchange Rate Volatility in Nigeria: An Autoregressive Distributed Lag Approach |
|cbnjas-vol11no2-h2b||CBN JAS Article: Impact of Interest Rate Differential and Exchange Rate Movement on the Dynamics of Nigeria’s International Private Capital Flows |
|cbnjas-vol11no2-h2c||CBN JAS Article: Markov Regime-Switching Autoregressive Model of Stock Market Returns in Nigeria |
|cbnjas-vol11no2-h2d||CBN JAS Article: Asymmetric Impact of Oil Price on In?ation in Nigeria |
|cbnjas-vol11no2-h2e||CBN JAS Article: Pass-Through of Crude-oil Price Shocks to Consumer Prices in Nigeria: Pre and Post 2008 Global Financial Crisis |
|cbnjas-vol11no2-h2f||CBN JAS Article: Decomposing Employment Growth in Selected sub-Saharan African Countries: The Roles of Structural Changes and Demographic Transition |
|cbnjas-vol11no2-h2g||CBN JAS Article: Determinants of Money Supply in Nigeria |
|cbnjas-vol11no2-h2h||CBN JAS Article: An Assessment of the Effectiveness of Central Bank Sterilization on Capital In?ows in Nigeria |
|cbnjas-vol11no1-h1a||CBN JAS Volume 11 Number 1: Front Page and Table of Contents |
|cbnjas-vol11no1-h1b||CBN JAS Article: Oil Price Shocks and Macroeconomic Dynamics in an Oil-Exporting Emerging Economy: A New Keynesian DSGE Approach |
|cbnjas-vol11no1-h1c||CBN JAS Article: Estimating a Fiscal Reaction Function for Nigeria |
|cbnjas-vol11no1-h1e||CBN JAS Article: Portfolio Balance Approach to Asymmetries, Structural Breaks and Financial Crisis: Testing a Model for Nigeria |
|cbnjas-vol11no1-h1g||CBN JAS Volume 11 Number 1: Instructions to Contributors |
|cbnjas-vol11no1-h1h||CBN JAS Volume 11 Number 1: Names and Addresses of Reviewers |
|cbnjas-vol11no1-h2i||CBN JAS Volume 11 Number 1: Back Cover |
|cbnjas-vol11no1-h1f||CBN JAS Article: Spillover effect of United States Monetary Policy on Nigeria’s Financial and Macro Fundamentals |
|Facts : 1/1/1900|
|Federal Ministry of Finance:The Federal Ministry of Finance (FMF) advises the Federal Government on its fiscal operations and collaborates with the Central Bank of Nigeria (CBN) on monetary matters. Before 1991, the responsibility for the supervision and licensing of banks was shared between FMF and CBN until 1991 when CBN became the sole authority.|
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