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Central Bank of Nigeria

MONETARY POLICY
MPC Mandate

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")
1. Conduct of MPC
2. Committees
1. Understanding Monetary Policy Series
2. Monetary Policy Review
MPC Committee

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

Issue System

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.

Legal Tender

Security Features

History of Nigerian Currency

Currency in Circulation

Currency in Circulation (₦ m)

N 2,394,632 - in 7/31/2020
N 2,299,502 - in 6/30/2020
N 2,352,008 - in 5/31/2020
Note.: The above figures the last 12 captured months figures and are in millions of Naira.

Look up other Dates

Speeches

S/N	Details	Presenter	Size
	Opening Remarks By Governor Godwin I. Emefiele, CON. at Meeting With Service Chiefs and Chief Executives of Uniformed Services in Nigeria. Delivered at Meeting With Service Chiefs and Chief Executives of Uniformed Services in Nigeria held on 7/11/2019 at Central Bank of Nigeria Theme: Opening Remarks at Meeting With Service Chiefs and Chief Executives of Uniformed Services in Nigeria	Mr. Godwin I. Emefiele (CON)	122KB
	Keynote Address By Governor Godwin I. Emefiele, CON at the Annual Bankers Dinner Delivered at 2018 Annual Bankers Dinner held on 12/30/2018 at Continental Hotel, Victoria Island Lagos Theme: Keynote Address By Governor Godwin I. Emefiele, CON at the Annual Bankers Dinner	Mr. Godwin I. Emefiele (CON)	122KB
	Keynote Address By Governor Godwin I. Emefiele, CON at the Annual Bankers Dinner Delivered at Annual Bankers Dinner held on 11/13/2017 at Harbour Point, Lagos, Nigeria Theme: Keynote Address By Governor Godwin I. Emefiele, CON at the Annual Bankers Dinner	Mr. Godwin I. Emefiele (CON)	147000
	Acceptance Speech By Godwin I. Emefiele Delivered at Vanguard Newspaper Awards Dinner held on 3/11/2017 at Abuja, Nigeria Theme: Acceptance Speech By The Godwin I. Emefiele at The Vanguard Newspaper Awards	Mr. Godwin I. Emefiele (CON)	8400
	Re-Introduction and Operationalizing Nigeria's Flexible Exchange Rate Market by Godwin I. Emefiele, CON, Governor, Central Bank of Nigeria Delivered at Re-Introduction and Operationalizing Nigeria's Flexible Exchange Rate Market held on 6/15/2016 at Abuja, Nigeria Theme: Re-Introduction and Operationalizing Nigeria's Flexible Exchange Rate Market	Mr. Godwin I. Emefiele (CON)	8400
	Opening Remarks Of Gov. Godwin Emefiele, CON At the Briefing of the Senate President and the Leadership of the Senate on the Nigerian Economy Abuja, 8th July 2015 Delivered at Briefing of the Senate President and the Leadership of the Senate on the Nigerian Economy held on 7/8/2015 at Abuja, Nigeria Theme: Briefing of the Senate President and the Leadership of the Senate on the Nigerian Economy	Mr. Godwin I. Emefiele (CON)	52000
	Opening Remarks By Governor Central Bank of Nigeria at the Press Conference on FX Ban for Rice et al Delivered at Press Conference on FX Ban for Rice, Et Al held on 6/24/2015 at Abuja, Nigeria Theme: FX Ban for Rice et al	Mr. Godwin I. Emefiele (CON)	42000
	Official Launch of the Development Bank of Nigeria Delivered at Launch of the Development Bank of Nigeria held on 3/23/2015 at Abuja, Nigeria Theme: Remarks by Governor Godwin I. Emefiele at the Official Launch of the Development Bank of Nigeria	Mr. Godwin I. Emefiele (CON)	37000
	Inauguration of the Payments System Strategy Board Delivered at Inauguration of the Payments System Strategy Board held on 2/4/2015 at Lagos, Nigeria Theme: Opening Remarks by Governor Godwin I. Emefiele (CON) at the Inauguration of the Payments System Strategy Board	Mr. Godwin I. Emefiele (CON)	58000
	Opening Remarks by Governor Godwin I. Emefiele, CON At the NEMS Signing Ceremony Delivered at the NEMS Signing Ceremony held on 2/2/2015 at Abuja, Nigeria Theme: Opening Remarks by Governor Godwin I. Emefiele, CON At the NEMS Signing Ceremony	Mr. Godwin Emefiele, CON	32000

Pages: 1 .

Facts : 3/1/1970
ORGANISATION AND GROWTH:In March, 1970, the Board of Directors employed the services of W.H. Rozell (Junior), a consultant, to, among other things, review the existing structure and size of the Bank Departments. In the same year, Rozell proposed a new organisational structure for the CBN.
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