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 2,003,090 - in 7/31/2019
N 2,014,073 - in 6/28/2019
N 2,111,848 - in 5/31/2019
N 2,158,698 - in 4/30/2019
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
Note.: The above figures the last 12 captured months figures and are in millions of Naira.

Look up other Dates

Government Securities Summary

Export Securities data to Excel

Primary Market

Date of Auction	7/17/2019	7/17/2019	7/17/2019	7/3/2019
Security Type	NTB	NTB	NTB	NTB
Tenor Maturity Date	91 10/17/2019	182 1/16/2020	364 7/16/2020	91DAY 10/3/2019
Amount Offered (N mn)	5849.034	26600	74598.126	10000
Subscriptions (N mn)	29,153.67	69,628.11	374,767.60	10,228.00
Tot. Successful (N mn)	5,849.03	26,600.00	74,598.13	10,000.00
Net Sales (N mn)	5,849.03	26,600.00	74,598.13	10,000.00
Range of Bid Rates	9.0000 - 11.0000	10.2500 - 12.0000	10.7000 - 12.5000	9.3000-14.0000
Successful Bid Rates	9.0000 - 9.7400	10.2500 - 10.7500	10.7000 - 11.1390	9.3000-10.5000
Marginal Rate	9.74	10.75	11.139	10.5
True Yield	9.9824	11.3589	12.531	10.7823
Export Primary Market to Excel			See More

FGN Bonds

Date of Auction	6/26/2019	6/26/2019	4/24/2019	4/24/2019
Security Type	FGN BONDS	FGN BONDS	FGN BONDS	FGN BONDS
Tenor Maturity Date	5YEAR 4/27/2023 4/27/2023	10YEAR 4/26/2029 4/26/2029	5 YEAR 4/27/2023 4/27/2023	10 YEAR 4/26/2029 4/26/2029
Amount Offered (N mn)	30000	40000	40000	40000
Subscriptions (N mn)	39,340.00	60,300.00	16,610.00	52,280.00
Tot. Successful (N mn)	28,990.00	36,360.00	6,810.00	37,430.00
Net Sales (N mn)	28,990.00	36,360.00	6,810.00	37,430.00
Range of Bid Rates	14.0000-15.3000	13.9000-16.5491	14.2000-16.3000	14.0100-16.0000
Successful Bid Rates	14.0000-14.3000	13.9000-14.5000	14.2000-14.5000	14.0100-14.5500
Marginal Rate	14.3	14.5	14.5	14.55
Export FGN Bonds to Excel			See More

Open Market Operations

Date of Auction	7/4/2019	7/4/2019	7/4/2019	7/1/2019
Security Type	OMO	OMO	OMO	OMO
Tenor Maturity Date	112DAY 10/24/2019	266DAY 3/26/2020	364DAY 7/2/2020	101DAY 10/10/2019
Subscriptions (N mn)	33110	73800	779750	6060
Tot. Successful (N mn)	33,110.00	73,800.00	157,230.00	4,060.00
Net Sales (N mn)	33,110.00	73,800.00	157,230.00	4,060.00
Range of Bid Rates	11.3000-11.4000	11.5000-11.8400	12.1000-12.4000	11.2000-11.6000
Successful Bid Rates	11.3000-11.4000	11.5000-11.8400	12.1000-12.2500	11.2000-11.4000
Marginal Rate	11.4	11.84	12.25	11.4
True Yield	11.8132	12.9581	13.9548	11.7713
Export OMO to Excel			See More

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
Export CBN Bills to Excel			See More

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.
See All: Facts \| Events

About Us

Quick Links

Contact Us

Phone: +234 700 225 5226

Email: [email protected]

We are open for business Monday through Friday except on national holidays. Official visiting days are Tuesdays and Thursdays by appointment only. Our working hours are from 8:00a.m. - 4:00p.m.

Central Bank of Nigeria

Plot 33,

Abubakar Tafawa Balewa Way
Central Business District,
Cadastral Zone,

Abuja,
Federal Capital Territory,
Nigeria

P.M.B. 0187,
Garki Abuja.
Nigeria

Legal Disclaimer

Phones

General Switch Board:
-See Reception Desk below

Authorized Dealer Enquires
+234 9 462 37804,
+234 9 462 37802

Commercial Agricultural Credit Scheme (CACS)
+234 9 46237602

Complaints Against Financial Institutions
[email protected]

Ethics & Anti-Corruption Helpline
+234 9 462 39246
+234 9 462 36000
[email protected]
[email protected]

Forex Helpdesk
+234 9 462 37827
+234 9 462 37831

Reception Desk
+234 9 462 39701-02

MPC Mandate

MPC Committee

Issue System

Currency in Circulation

Development Financing

Financial Inclusion

Payments System

Payments System Initiatives

Liberalization & Development of The Foreign Exchange Market

Gains with WDAS included :

Supervision Framework

FSRCC

Annual Reports

Other Publications