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 (₦ m)

N 2,153,220 - in 3/31/2019
N 2,241,313 - in 2/28/2019
N 2,139,666 - in 1/31/2019
N 2,329,706 - in 12/31/2018
N 2,100,129 - in 11/30/2018
N 1,956,009 - in 10/31/2018
N 1,926,382 - in 9/30/2018
N 1,928,744 - in 8/31/2018
N 1,824,826 - in 7/31/2018
N 1,900,671 - in 6/30/2018
N 1,930,695 - in 5/31/2018
N 1,957,219 - in 4/30/2018
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	4/17/2019	4/17/2019	4/17/2019	4/3/2019
Security Type	NTB	NTB	NTB	NTB
Tenor Maturity Date	91 DAY 7/18/2019	182 DAY 10/17/2019	364 DAY 4/16/2020	91 DAY 7/4/2019
Amount Offered (N mn)	5849.034	29245.168	23396.134	10000
Subscriptions (N mn)	23,968.16	37,686.50	161,958.92	20,093.32
Tot. Successful (N mn)	5,849.03	3,500.00	49,141.30	10,000.00
Net Sales (N mn)	5,849.03	3,500.00	49,141.30	10,000.00
Range of Bid Rates	9.7000-13.5000	11.80-14.00	11.8500-15.0000	10.0000-13.0000
Successful Bid Rates	9.7000-10.1499	11.8000-12.5000	11.8500-12.7400	10.0000-13.0000
Marginal Rate	10.1499	12.5	12.74	10.29
True Yield	10.4134	13.3309	14.5942	10.5609
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FGN Bonds

Date of Auction	3/27/2019	3/27/2019	3/27/2019	2/20/2019
Security Type	FGN BONDS	FGN BONDS	FGN BONDS	FGN BONDS
Tenor Maturity Date	5 YEAR 3/27/2023 3/27/2023	7 YEAR 3/23/2025 3/23/2025	10 YEAR 2/23/2028 2/23/2028	5 YEAR 4/27/2023 4/27/2023
Amount Offered (N mn)	40000	40000	20000	50000
Subscriptions (N mn)	21,620.00	26,170.00	100,680.00	9,520.00
Tot. Successful (N mn)	3,800.00	5,550.00	20,000.00	1,500.00
Net Sales (N mn)	3,800.00	5,550.00	20,000.00	1,500.00
Range of Bid Rates	13.5000-15.000	13.0000-15.3000	13.0000-14.9500	14.5000-16.000
Successful Bid Rates	13.0000-13.5000	13.0000-13.5000	13.0000-13.5000	14.5000-14.5200
Marginal Rate	13.5	13.5	13.5	14.52
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Open Market Operations

Date of Auction	4/23/2019	4/23/2019	4/23/2019	4/4/2019
Security Type	OMO	OMO	OMO	OMO
Tenor Maturity Date	93 DAY 7/25/2019	184DAY 10/24/2019	359DAY 4/16/2020	203 DAY 10/24/2019
Subscriptions (N mn)	7420	1780	284480	28050
Tot. Successful (N mn)	7,420.00	500.00	158,660.00	24,560.00
Net Sales (N mn)	7,420.00	500.00	158,660.00	24,560.00
Range of Bid Rates	11.5000-11.8000	12.9000-13.0000	12.9400-13.0400	12.9500-13.5000
Successful Bid Rates	11.5000-11.8000	12.9000-12.9000	12.9400-13.0290	12.9500-13.0000
Marginal Rate	11.8	12.9	13.029	13
True Yield	12.1658	13.7972	14.9441	14.0132
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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 Maturity Date	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 : 7/1/1959
BOARD OF DIRECTORS:The Management of the CBN is placed under a Board of Directors which is responsible for the Policy and General administration of the Affairs and Business of the Bank.Under the original statute,the Board was composed of the Governor as Chairman,a Deputy Governor and Five other Directors all of whom were appointed by the Federal Government.
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