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 2,329,706,576,783 - 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
N 2,039,324 - in 3/31/2018
N 1,937,337 - in 2/28/2018
N 1,945,444 - in 1/31/2018
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	2/13/2019	2/13/2019	2/13/2019	1/30/2019
Security Type	NTB	NTB	NTB	NTB
Tenor Maturity Date	91 DAY 5/16/2019	182 DAY 8/15/2019	364 DAY 2/13/2020	91 DAY 5/2/2019
Amount Offered (N mn)	3384.18	10000	140000	28018.956
Subscriptions (N mn)	11,577.95	22,114.75	404,892.99	41,045.97
Tot. Successful (N mn)	3,384.18	10,000.00	140,000.00	28,018.96
Net Sales (N mn)	3,384.18	10,000.00	140,000.00	28,018.96
Range of Bid Rates	10.8000-12.5000	12.0000-13.5000	14.8000-16.5237	10.8500-12.0000
Successful Bid Rates	10.8000-10.9700	12.0000-13.4000	14.8000-14.9500	10.8500-11.0000
Marginal Rate	10.97	13.4	14.95	11
True Yield	11.2785	14.3594	17.5694	11.3102
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FGN Bonds

Date of Auction	12/19/2018	12/19/2018	12/19/2018	11/21/2018
Security Type	FGN Bonds	FGN Bonds	FGN Bonds	FGN Bonds
Tenor Maturity Date	5 4/27/2023 4/27/2023	7 3/23/2025 3/23/2025	10 2/23/2028 2/23/2028	7-Year 3/23/2025 3/23/2025
Amount Offered (N mn)	20000	15000	35000	35000
Subscriptions (N mn)	3,250.00	7,810.00	83,060.00	18,670.00
Tot. Successful (N mn)	1,050.00	3,410.00	1,290.00	4,270.00
Net Sales (N mn)	1,050.00	3,410.00	1,290.00	4,270.00
Range of Bid Rates	15.2000 - 16.0500	15.4500 - 16.0500	13.0000 - 16.3000	13.0000 - 16.5000
Successful Bid Rates	15.2000 - 15.2500	15.4500 - 15.5000	13.0000 - 15.5000	13.0000 - 15.5000
Marginal Rate	15.25	15.5	15.5	15.5
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Open Market Operations

Date of Auction	2/14/2019	2/14/2019	2/14/2019	2/11/2019
Security Type	OMO	OMO	OMO	OMO
Tenor Maturity Date	91 5/16/2019	175 8/8/2019	364 2/13/2020	94 5/16/2019
Subscriptions (N mn)	40733.466	25729.049	440895.526	2416.43
Tot. Successful (N mn)	40,733.47	25,729.05	440,895.53	2,416.43
Net Sales (N mn)	40,733.47	25,729.05	440,895.53	2,416.43
Range of Bid Rates	11.0000 - 11.9000	11.9000 - 13.5000	14.9500 - 15.0000	11.9000 - 11.9000
Successful Bid Rates	11.0000 - 11.9000	11.9000 - 13.5000	14.9500 - 15.0000	11.9000 - 11.9000
Marginal Rate	11.9	13.5	15	11.9
True Yield	0	0	0	0
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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 : 1/1/1900
BOFIA:In 1991, the Bank s and Other Financial Institutions Act (BOFIA) formerly BOFI was promulgated to replace the CBN Act of 1958 and the Banking Decree of 1969 (including later amendments). The policy brought the non-bank financial intermediaries under the supervision of Central Bank of Nigeria.
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