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. AfCFTA
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 2,837,063 - in 9/30/2021
N 2,778,706 - in 8/31/2021
N 2,812,103 - in 7/30/2021
Note.: The above figures the last 12 captured months figures and are in millions of Naira.

Look up other Dates

Speeches

Details	Presenter	Size
Gov. Godwin Emefiele, CON, Address at the 55th Annual Bankers Dinner Gov. Godwin Emefiele, CON Address at the 55th Annual Bankers Dinner held on 11/27/2020 Theme:		459320
Nigerian Private Sector Coalition Against COVID-19 Nigerian Private Sector Coalition Against COVID-19 held on 3/27/2020 Theme:	Mr. Godwin I. Emefiele (CON)	170255
Welcome Address at the Meeting with State Governors of Cassava Producing States and Signing of MOU Between Nigeria Cassava Growers Association & Large Scale Cassava Processors held on 11/22/2019 Theme:	Mr. Godwin I. Emefiele (CON)	284328
Opening Remarks By Governor Godwin I. Emefiele, CON. at Meeting With Service Chiefs and Chief Executives of Uniformed Services in Nigeria. Meeting With Service Chiefs and Chief Executives of Uniformed Services in Nigeria Central Bank of Nigeria held on 7/11/2019 Theme: Opening Remarks at Meeting With Service Chiefs and Chief Executives of Uniformed Services in Nigeria	Mr. Godwin I. Emefiele (CON)
5 year Policy Thrust of Central Bank of Nigeria held on 6/24/2019 Theme:	Mr. Godwin I. Emefiele (CON)	302359
Keynote Address By Governor Godwin I. Emefiele, CON at the Annual Bankers Dinner 2018 Annual Bankers Dinner Continental Hotel, Victoria Island Lagos held on 12/30/2018 Theme: Keynote Address By Governor Godwin I. Emefiele, CON at the Annual Bankers Dinner	Mr. Godwin I. Emefiele (CON)
Keynote Address By Governor Godwin I. Emefiele, CON at the Annual Bankers Dinner Annual Bankers Dinner Harbour Point, Lagos, Nigeria held on 11/13/2017 Theme: Keynote Address By Governor Godwin I. Emefiele, CON at the Annual Bankers Dinner	Mr. Godwin I. Emefiele (CON)	45000
Acceptance Speech By Godwin I. Emefiele Vanguard Newspaper Awards Dinner Abuja, Nigeria held on 3/11/2017 Theme: Acceptance Speech By The Godwin I. Emefiele at The Vanguard Newspaper Awards	Mr. Godwin I. Emefiele (CON)	5601
Re-Introduction and Operationalizing Nigeria's Flexible Exchange Rate Market by Godwin I. Emefiele, CON, Governor, Central Bank of Nigeria Re-Introduction and Operationalizing Nigeria's Flexible Exchange Rate Market Abuja, Nigeria held on 6/15/2016 Theme: Re-Introduction and Operationalizing Nigeria's Flexible Exchange Rate Market	Mr. Godwin I. Emefiele (CON)	424921
Press Statement - CBN to stop Dollar Sales to BDCs January 2016 CBN to stop supply of dollars to BDC's held on 1/11/2016 Theme:	GOVERNOR GODWIN I. EMEFIELE	137985

Pages: 1 .

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.
See All: Facts \| Events

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.

See All: Facts | Events

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