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Monetary Policy

Mandate | Fiscal Policy | Conduct of MPC | Committees | Educational | FAQ's
Policy Decisions | Policy Communiqués | Intl. Economic Cooperations

MPC Mandate

The legal backing for monetary policy by the Bank derives from the various statutes of the bank such as the Central Bank of Nigeria Act of 1958 as amended in CBN Decree No. 24 of 1991, CBN Decree 1993 (Amendment), CBN Decree No. 3 of 1997 (Amendment), CBN Decree No. 4 of 1997 (Amendment), CBN Decree No. 37 of 1998 (Amendment), CBN Decree No. 38 of 1998 (Amendment) and CBN Decree 1999 (Amendment) .

The conduct of Monetary Policy in Nigeria and all activities of the Central Bank of Nigeria relate with the core mandate of the bank and therefore are best understood from this perspective. Consequently, in pursuance of its functions in compliance with the core mandate, the CBN undertakes monetary policy in order to:

• Maintain Nigeria’s external reserves to safeguard the international value of the legal currency.
• Promote and maintenance of monetary stability and a sound and efficient financial system in Nigeria.
• Act as banker and financial adviser to the Federal Government; and
• Act as lender of last resort to banks.

Read a more detailed core mandate of the Central Bank of Nigeria
Read Frequently Asked Questions (FAQs) on Monetary Policy