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 2,157,229 - 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
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
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	12/9/2018	10/17/2018	10/17/2018	10/17/2018
Security Type	NTB	NTB	NTB	NTB
Tenor Maturing On	91 12/13/2018	91 1/17/2019	182 4/18/2019	364 10/17/2019
Amount Offered (N mn)	6217.066	5849.034	29245.168	112535.643
Subscriptions (N mn)	3,382.19	5,924.03	30,492.52	167,589.95
Tot. Successful (N mn)	2,650.81	5,849.03	29,245.17	112,535.64
Net Sales (N mn)	2,650.81	5,849.03	29,245.17	112,535.64
Range of Bid Rates	11.0000 - 14.0000	10.7000 - 12.2800	11.5000 - 12.8900	12.5000 - 18.0000
Successful Bid Rates	11.00 - 11.00	10.7000 - 10.9600	11.5000 - 12.6900	12.5000 - 13.4490
Marginal Rate	11	10.96	12.69	13.449
True Yield	11.3102	11.2679	13.5472	15.5322
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FGN Bonds

Date of Auction	9/26/2018	9/26/2018	9/26/2018	8/15/2018
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 4/27/2023 4/27/2023
Amount Offered (N mn)	25	25	40	25
Subscriptions (N mn)	20.68	12.48	125.35	6.67
Tot. Successful (N mn)	17.48	7.38	71.88	3.97
Net Sales (N mn)	17.48	7.38	71.88	3.97
Range of Bid Rates	14.7400 - 16.1000	14.6000 - 16.0000	12.9800 - 16.5000	13.6000 - 15.0000
Successful Bid Rates	14.7400 - 15.0000	14.6000 - 15.1500	12.9800 - 15.2459	13.6000 - 14.3900
Marginal Rate	15	15.15	15.2459	14.39
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Open Market Operations

Date of Auction	10/18/2018	10/18/2018	10/18/2018	10/11/2018
Security Type	OMO	OMO	OMO	OMO
Tenor Maturing On	105 1/31/2019	182 4/18/2019	329 9/12/2019	182 4/11/2019
Subscriptions (N mn)	3118.289	45701.362	229516.587	31826.865
Tot. Successful (N mn)	118.29	45,701.36	229,516.59	31,826.87
Net Sales (N mn)	118.29	45,701.36	229,516.59	31,826.87
Range of Bid Rates	11.2500 - 12.4000	12.5000 - 12.7500	13.5000 - 14.0000	12.5000 - 12.5000
Successful Bid Rates	12.2500 - 12.2500	12.5000 - 12.7500	13.5000 - 14.0000	12.5000 - 12.5000
Marginal Rate	12.25	12.75	14	12.5
True Yield	0	0	0	13.3309
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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 : 7/1/1959
Appointments :The Governor and the Deputy Governor are appointed for five years while the other Directors are appointed for three years.All board members are eligible for reappointment.
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