CBN Journal of Applied Statistics
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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")
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
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.
Currency in Circulation (₦ m)
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Development financing is one of the requirements for sustainable economic growth in any economy. The supply of finance to various sectors of the economy will promote the growth of the economy in a holistic manner and this, will make development, welfare improvement to proceed at a faster rate.
The Central Bank of Nigeria development finance initiatives involve the formulation and implementation of various policies, innovation of appropriate products and creation of enabling environment for financial institutions to deliver services in an effective, efficient and sustainable manner. The initiatives are mainly targeted at agricultural sector, rural development and micro, small and medium enterprises.
Financial inclusion has continued to assume increasing recognition across the globe among policy makers, researchers and development oriented agencies. Its importance derives from the promise it holds as a tool for economic development, particularly in the areas of poverty reduction, employment generation, wealth creation and improving welfare and general standard of living.
A survey conducted in Nigeria in 2008 by a development finance organization, the Enhancing Financial Innovation and Access revealed that about 53.0% of adults were excluded from financial services. The global pursuit of financial inclusion as a vehicle for economic development had a positive effect in Nigeria as the exclusion rate reduced from 53.0 % in 2008 to 46.3 % in 2010.
The payments system plays a very crucial role in any economy, being the channel through which financial resources flow from one segment of the economy to the other. It, therefore, represents the major foundation of the modern market economy. Essentially, there are three pivotal roles for the payments system, namely: the Monetary Policy role, the financial stability role and the overall economic role.
The Nigerian Payments System witnessed remarkable achievements in the recent past, with the introduction of a number of initiatives under the Payments System Vision 2020
Since the introduction of Whole Sale Dutch Auction System (WDAS) on February 20, 2006, the liberalized Foreign Exchange Market witnessed unprecedented stability most of which include the following:
The supervisory function of CBN is structured into four departments:1. Financial Policy and Regulation Department
Financial Policy and Regulation department develops and implements policies & regulations aimed at ensuring financial system stability. It also licenses & grants approvals for banks and other financial institutions.
Banking Supervision Department carries out the supervision of Deposit money banks and Discount houses while Other Financial Institutions Supervision Department supervises other financial institutions.
The CBN in April 1994 undertook to facilitate a formal framework for the co-ordination of regulatory and supervisory activities in the Nigerian financial sector by establishing the Financial Services Coordinating Committee (FSCC) to address more effectively, through consultations and regular inter-agency meetings, issues of common concern to regulatory and supervisory bodies.
On 27th May, 1994, the name of the Committee was changed to Financial Services Regulation Coordinating Committee (FSRCC). The Committee was accorded legal status by the 1998 amendment to Section 38 of the CBN Act 1991 and formally inaugurated by the Governor of the CBN in May 1999. http://www.fsrcc.gov.ng/
|cbnjas-vol6no2-h2h||CBN JAS Article: Impact of Private Sector Credit on Economic Growth in Nigeria |
|cbnjas-vol6no2-h2i||CBN JAS Article: Real Exchange Rate Misalignment and Economic Growth in Nigeria |
|cbnjas-vol6no2-h2j||CBN JAS Article: Nigeria Stock Market Volatility in Comparison with Some Countries: Application of Asymmetric GARCH Models |
|cbnjas-vol6no2-h2k||CBN JAS Article: A Comparative Analysis of Exchange Rate Volatility in the West African Monetary Zone |
|cbnjas-vol6no2-h2l||CBN JAS Volume 6, Number 2 - Instructions to Contributors |
|cbnjas-vol6no2-h2m||CBN JAS Volume 6, Number 2 - Reviewers |
|cbnjas-vol6no2-h2n||CBN JAS Volume 6, Number 2 - Back Cover |
|cbnjas-vol6no1b-h1a||CBN JAS Volume 6, Number 1b - Front Cover |
|cbnjas-vol6no1b-h1b||CBN JAS Volume 6, Number 1b - Pre Page |
|cbnjas-vol6no1b-h1c||CBN JAS Volume 6, Number 1b - Contents |
|cbnjas-vol6no1b-h1d||CBN JAS Article: Moving Average Stratification Algorithm for Strata Boundary Determination in Skewed Populations |
|cbnjas-vol6no1b-h1e||CBN JAS Article: GDP Per Capita in Africa Before the Global Financial Crisis: Persistence, Mean Reversion and Long Memory Features |
|cbnjas-vol6no1b-h1f||CBN JAS Article: Dollarization, Inflation and Interest Rate in Nigeria |
|cbnjas-vol6no1b-h1g||CBN JAS Article: Estimating Bull and Bear Betas for the Nigerian Stock Market Using Logistic Smooth Threshold Model |
|cbnjas-vol6no1b-h1h||CBN JAS Article: Consumer Confidence Indicators and Economic Fluctuations in Nigeria |
|cbnjas-vol6no1b-h1i||CBN JAS Article: Do Survey-based Expectations Mimic Inflation in Nigeria? |
|cbnjas-vol6no1b-h1j||CBN JAS Volume 6, Number 1b - Document Section |
|cbnjas-vol6no1b-h1k||CBN JAS Document: Destination Sectors and Originating Economies of Nigeria’s Private Foreign Assets and Liabilities in 2013 |
|cbnjas-vol6no1b-h1l||CBN JAS Document: Technical Notes on Balance of Payments Compilation and Analysis: The Case of Nigeria |
|cbnjas-vol6no1b-h1m||CBN JAS Volume 6, Number 1b - Instruction to Contributors |
|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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