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")
- Conduct of MPC
- Committees
- Understanding Monetary Policy Series
- 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

N 1,957,219 - in 4/30/2018
N 2,039,324 - in 3/31/2018
N 1,937,337 - in 2/28/2018
N 1,945,444 - in 1/31/2018
N 2,157,229 - in 12/31/2017
N 1,896,156 - in 11/30/2017
N 1,791,194 - in 10/31/2017
N 1,781,046 - in 9/30/2017
N 1,868,735 - in 8/31/2017
N 1,769,085 - in 7/31/2017
N 1,873,543 - in 6/30/2017
N 1,897,917 - in 5/31/2017
Note.: The above figures the last 12 captured months figures and are in millions of Naira.

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Government Securities Summary

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Primary Market

Date of Auction	5/16/2018	5/16/2018	5/16/2018	5/2/2018
Security Type	NTB	NTB	NTB	NTB
Tenor Maturing On	91 8/16/2018	182 11/15/2018	364 5/16/2019	91 8/2/2018
Amount Offered (N mn)	3384.18	16920.9	13536.72	9541.924
Subscriptions (N mn)	3,705.78	20,904.42	48,603.85	47,789.12
Tot. Successful (N mn)	3,384.18	16,920.90	13,536.72	9,541.92
Net Sales (N mn)	3,384.18	16,920.90	13,536.72	9,541.92
Range of Bid Rates	9.0000 - 12.0000	10.1000 - 12.5001	10.0000 - 18.6000	10.0000 - 11.5000
Successful Bid Rates	9.0000 - 10.0000	10.1000 - 10.5000	10.0000 - 10.7000	10.0000 - 10.2557
Marginal Rate	10	10.5	10.7	10.2557
True Yield	10.2557	11.0801	11.9782	10.2557
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FGN Bonds

Date of Auction	4/25/2018	4/25/2018	4/25/2018	3/21/2018
Security Type	FGN Bonds	FGN Bonds	FGN Bonds	FGN Bonds
Tenor Maturing On	5 Year 4/27/2023 4/27/2023	7 Year 3/23/2025 3/23/2025	10 Year 2/23/2028 2/23/2028	5 Year 7/15/2021 7/15/2021
Amount Offered (N mn)	30	30	30	10
Subscriptions (N mn)	52.89	49.40	160.19	18.85
Tot. Successful (N mn)	38.29	12.75	38.96	10.05
Net Sales (N mn)	38.29	12.75	38.96	10.05
Range of Bid Rates	11.5000 - 13.4997	11.5000 - 13.8947	11.5000 - 13.9800	12.5000 - 14.0500
Successful Bid Rates	11.5000 - 12.7500	11.5000 - 12.8500	11.5000 - 12.8900	12.5000 - 13.4000
Marginal Rate	12.75	12.85	12.89	13.4
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Open Market Operations

Date of Auction	5/31/2018	5/24/2018	5/17/2018	5/17/2018
Security Type	OMO	OMO	OMO	OMO
Tenor Maturing On	231 1/10/2019	112 9/13/2018	112 9/6/2018	182 11/15/2018
Subscriptions (N mn)	114309.58	0.125	58.14	88620.408
Tot. Successful (N mn)	113,309.58	0.13	58.14	40,889.51
Net Sales (N mn)	113,309.58	0.13	58.14	40,889.51
Range of Bid Rates	12.1500 - 12.3000	11.0500 - 11.0500	11.0500 - 11.0500	12.1500 - 12.5000
Successful Bid Rates	12.1500 - 12.1500	11.0500 - 11.0500	11.0500 - 11.0500	12.1500 - 12.1500
Marginal Rate	12.15	11.05	11.05	12.15
True Yield	13.1621	11.4378	11.4378	12.9336
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CBN Bills

Date of Auction	5/15/2003	2/25/2002	11/26/2001	9/24/2001
Security Type	CBN Certificate	CBN Certificate	CBN Certificate	CBN Certificate
Tenor Maturing On	91 11/13/2003	180 2/20/2003	180 11/21/2002	180 9/19/2002
Amount Offered (N mn)	82227	15000	5000	1155
Subscriptions (N mn)	37767	4161	2740	1155
Tot. Successful (N mn)
Net Sales (N mn)	17019	4161	2740
Range of Bid Rates
Successful Bid Rates
Marginal Rate	0	20.5	20.5	19.5
True Yield
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Facts : 1/1/1900
Agric Credit Guarantee Scheme:The Agricultural Credit Guarantee Scheme (ACGS) was established in 1977, under the management of the Central Bank of Nigeria. The scheme was designed to encourage banks to increase lending to the agricultural sector by providing guarantee against inherent risks.
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