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
- Policy Communiques
- Policy Decisions
- 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 1,897,917 - in 5/31/2017
N 1,975,812 - in 4/30/2017
N 1,983,633 - in 3/31/2017
N 1,978,886 - in 2/28/2017
N 1,994,577 - in 1/31/2017
N 2,179,174 - in 12/30/2016
N 1,907,863 - in 11/30/2016
N 1,825,664 - in 10/31/2016
N 1,794,287 - in 9/30/2016
N 1,679,477 - in 8/31/2016
N 1,664,495 - in 7/29/2016
N 1,684,725 - in 6/30/2016
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	6/14/2017	6/14/2017	6/14/2017	5/31/2017
Security Type	NTB	NTB	NTB	NTB
Tenor Maturing On	91 9/14/2017	182 12/14/2017	364 6/14/2018	91 8/31/2017
Amount Offered (N mn)	39006.25	23024.75	174640.72	26143.54
Subscriptions (N mn)	39,206.25	24,790.75	201,198.92	26,500.94
Tot. Successful (N mn)	39,006.25	23,024.75	174,640.72	26,143.54
Net Sales (N mn)	39,006.25	23,024.75	174,640.72	26,143.54
Range of Bid Rates	13.3000 - 15.5000	16.9000 - 18.0000	18.0000 - 19.6099	13.4000 - 16.5000
Successful Bid Rates	13.3000 - 13.5000	16.9000 - 17.3000	18.0000 - 18.6899	13.4000 - 13.4000
Marginal Rate	13.5	17.3	18.6899	13.4
True Yield	13.9702	18.9332	22.9715	13.8631
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FGN Bonds

Date of Auction	5/10/2017	5/10/2017	5/10/2017	4/12/2017
Security Type	FGN Bonds	FGN Bonds	FGN Bonds	FGN Bonds
Tenor Maturing On	5 Year 7/15/2021 7/15/2021	10 Year 3/17/2027 3/17/2027	20 Year 4/18/2037 4/18/2037	5 Year 7/15/2021 7/15/2021
Amount Offered (N mn)	40	50	50	35
Subscriptions (N mn)	17.29	52.94	91.67	20.93
Tot. Successful (N mn)	10.00	35.00	65.00	15.03
Net Sales (N mn)
Range of Bid Rates	15.8500 - 17.5000	15.7500 - 18.0000	15.7500 - 18.0000	15.5000 - 17.2000
Successful Bid Rates	15.8500 - 16.3000	15.7500 - 16.2900	15.7500 - 16.2990	15.5000 - 15.9899
Marginal Rate	16.3	16.29	16.299	15.9899
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Open Market Operations

Date of Auction	6/22/2017	6/22/2017	6/20/2017	6/20/2017
Security Type	OMO	OMO	OMO	OMO
Tenor Maturing On	168 12/7/2017	357 6/14/2018	170 12/7/2017	345 5/31/2018
Subscriptions (N mn)	377.88	22341.56	1319	10000
Tot. Successful (N mn)	377.88	22,341.56	1,319.00	10,000.00
Net Sales (N mn)	377.88	22,341.56	1,319.00	10,000.00
Range of Bid Rates	18.0000 - 18.0000	18.6000 - 18.6000	18.0000 - 18.0000	18.6000 - 18.6000
Successful Bid Rates	18.0000 - 18.0000	18.6000 - 18.6000	18.0000 - 18.0000	18.6000 - 18.6000
Marginal Rate	18	18.6	18	18.6
True Yield	19.626	22.7363	19.6471	22.5676
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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 : 2/1/1933
Indigenous Banking in Nigeria:The story of indegenous banking in Nigeria began with the establishment of the National Bank of Nigeria Limited in February 1933.
See All: Facts \| Events

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Central Bank of Nigeria

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Nigeria

P.M.B. 0187,
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Nigeria

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