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 2,018,840 - in 8/30/2019
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
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	10/2/2019	10/2/2019	10/2/2019	9/18/2019
Security Type	NTB	NTB	NTB	NTB
Tenor Maturity Date	91DAY 1/2/2020	182DAY 4/2/2020	364 DAY 10/1/2020	91 DAY 12/19/2019
Amount Offered (N mn)	10000	17600.581	106370.499	3000
Subscriptions (N mn)	10,390.20	19,591.84	308,196.55	4,459.83
Tot. Successful (N mn)	10,000.00	17,600.58	106,370.50	3,000.00
Net Sales (N mn)	10,000.00	17,600.58	106,370.50	3,000.00
Range of Bid Rates	10.9000-17.0000	11.3000-15.0000	12.9000-15.1000	10.4000-17.0000
Successful Bid Rates	10.9000-11.0845	11.3000-11.6000	12.9000-13.2000	10.4000-11.1000
Marginal Rate	11.0845	11.6	13.2	11.1
True Yield	11.4005	12.3121	15.201	11.4159
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FGN Bonds

Date of Auction	9/25/2019	9/25/2019	9/25/2019	8/21/2019
Security Type	FGN BONDS	FGN BONDS	FGN BONDS	FGN Bonds
Tenor Maturity Date	5YEAR 4/27/2023 4/27/2023	10 YEAR 4/26/2029 4/26/2029	30 YEAR 4/26/2049 4/26/2049	5 Year 4/27/2023 4/27/2023
Amount Offered (N mn)	45000	50000	55000	40
Subscriptions (N mn)	14,330.00	82,910.00	63,660.00	10.41
Tot. Successful (N mn)	6,830.00	56,160.00	37,020.00	2.05
Net Sales (N mn)	6,830.00	56,160.00	37,020.00	2.05
Range of Bid Rates	13.9900-14.6500	13.9900-15.0000	13.0000-15.0999	12.7500 - 15.5000
Successful Bid Rates	13.9900-14.3900	13.9900-14.4300	13.0000-14.6400	12.7500 - 14.2900
Marginal Rate	14.39	14.43	14.64	14.29
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Open Market Operations

Date of Auction	9/26/2019	9/26/2019	9/26/2019	9/19/2019
Security Type	OMO	OMO	OMO	OMO
Tenor Maturity Date	84DAY 12/19/2019	182DAY 3/26/2020	364DAY 9/24/2020	91 DAY 12/19/2019
Subscriptions (N mn)	301.007	2424.7	678259.272	1027.258
Tot. Successful (N mn)	301.01	2,424.70	300,000.00	1,027.26
Net Sales (N mn)	301.01	2,424.70	300,000.00	1,027.26
Range of Bid Rates	11.5800 - 11.5900	11.7800 - 11.7900	13.4000 - 13.5000	11.5900 - 11.5900
Successful Bid Rates	11.5800 - 11.5900	11.7800 - 11.7900	13.4000 - 13.4800	11.5900 - 11.5900
Marginal Rate	11.59	11.79	13.48	11.59
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 : 1/1/1995
National Clearing System Re-Visited:In January 1995, a revised clearing rule became operational to facilitate effective clearing of financial instruments and shorten the period of clearing. Consequently, inter-state cheque clearing time was reduced from 21 days to 15 days, while intra-state clearing has been reduced from 12 days to 9 days.
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