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")
1. Conduct of MPC
2. Committees
1. Understanding Monetary Policy Series
2. 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 2,055,946 - in 10/31/2019
N 2,005,600 - in 9/30/2019
N 2,018,840 - in 8/30/2019
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	11/27/2019	11/27/2019	11/27/2019	11/13/2019
Security Type	NTB	NTB	NTB	NTB
Tenor Maturity Date	91 DAY 2/27/2020	182 DAY 5/28/2020	364 DAY 11/26/2020	91 DAY 2/13/2020
Amount Offered (N mn)	24372.79	23157.656	103071.723	4384.18
Subscriptions (N mn)	106,878.50	107,627.97	319,419.12	58,431.18
Tot. Successful (N mn)	20,372.79	19,157.66	111,071.72	4,384.18
Net Sales (N mn)	20,372.79	19,157.66	111,071.72	4,384.18
Range of Bid Rates	6.0000-12.0000	6.7000-11.5000	7.7100-14.4000	7.0000-10.5000
Successful Bid Rates	6.0000-6.4950	6.7000-7.2300	7.7100-8.3700	7.0000-7.7998
Marginal Rate	6.495	7.23	8.37	7.7998
True Yield	6.6019	7.5004	9.1323	7.9545
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FGN Bonds

Date of Auction	10/23/2019	10/23/2019	10/23/2019	9/25/2019
Security Type	FGN Bonds	FGN Bonds	FGN Bonds	FGN BONDS
Tenor Maturity Date	5 year 4/27/2023 4/27/2023	10 Year 4/26/2029 4/26/2029	30 Year 4/26/2049 4/26/2049	5YEAR 4/27/2023 4/27/2023
Amount Offered (N mn)	50	50	50	45000
Subscriptions (N mn)	63.67	119.78	72.54	14,330.00
Tot. Successful (N mn)	29.11	64.40	46.30	6,830.00
Net Sales (N mn)	29.11	64.40	46.30	6,830.00
Range of Bid Rates	13.9900-14.4000	13.4000-14.8600	14.3000-15.1200	13.9900-14.6500
Successful Bid Rates	13.9900-14.0500	13.4000-14.2333	14.3000-14.6000	13.9900-14.3900
Marginal Rate	14.05	14.2333	14.6	14.39
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Open Market Operations

Date of Auction	11/28/2019	11/7/2019	11/7/2019	10/31/2019
Security Type	OMO	OMO	OMO	OMO
Tenor Maturity Date	355DAY 11/17/2020	180DAY 5/5/2020	362DAY 11/3/2020	96DAY 2/4/2020
Subscriptions (N mn)	281450	8000	224450	16500
Tot. Successful (N mn)	281,450.00	8,000.00	224,450.00	16,500.00
Net Sales (N mn)	281,450.00	8,000.00	224,450.00	16,500.00
Range of Bid Rates	13.1900 - 13.3000	11.6900 - 11.6900	13.2400 - 13.3000	11.3900 - 11.5500
Successful Bid Rates	13.1900 - 13.3000	11.6900 - 11.6900	13.2400 - 13.3000	11.3900 - 11.5500
Marginal Rate	13.3	11.69	13.3	11.55
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 : 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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Phone: +234 700 225 5226

Email: [email protected]

Complaints Against Financial Institutions:
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Authorized Dealer Enquires:
+234 9 462 37804, +234 9 462 37802

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+234 9 46237602

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

Address

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

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.

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