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Monetary Policy

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International Development

Nigeria is an active member of a number of Multilateral and Regional Organisations such as the IMF, World Bank, NEPAD, ECOWAS, e.t.c. It also has Bilateral Agreements and Memorandum Of Understanding (MOU) with some Countries on economic and other issues. The Central Bank of Nigeria is an important agency of Government in the conduct of economic policies and economic diplomacy between Nigeria and other countries. This page seeks to explain economic developments in the international scene that could impact on the Nigerian economy and Monetary Policy formulation.

The International Monetary Fund
The International Monetary Fund, was established in December 1945 by the United States of America, and a group of forty four (44) governments based on a framework of economic cooperation. The IMF focuses mainly on Nigeria’s macroeconomic policies. Read more on the International Monetary Fund (IMF)

The World Bank
The World Bank Nigeria is made up of one hundred and eighty four (184) member countries of which Nigeria is a member. The Bank and the International Monetary Fund (IMF) introduced Poverty Reduction Strategy Paper (PRSP) as a condition for lending to developing countries, in order to ensure that the living standards of the poor are lifted by public expenditure. Read more on the World Bank

The Association of African Central Banks
The Association of African Central Banks was established following the recommendations of the first Meeting of Governors of African Central Banks which was held in Addis Ababa from 15 to 22 February 1965. The objective of the Association is to promote co-operation in the monetary, banking and financial sphere in the African region and to assist in the formulation of guidelines along which future agreements between African countries can proceed in these areas.. Read more on The Association of African Central Banks (AACB)

African Development Bank (ADB) Group
African Development Bank (ADB) Group is a regional multilateral development bank established in 1964, but commenced operations in 1967. It is owned by 77 nations from Africa, North and South America, Europe and Asia. The objectives of the ADB Group are to mobilize resources for economic and social development of African countries. The Group comprises the African Development Bank, African Development Fund (ADF) and the Nigerian Trust Fund (NTF). Read more on the African Development Bank (ADB) Group
 

The Economic Community of West African States (ECOWAS)
The Economic Community of West African States (ECOWAS) was established on May 28, 1975 and is made up of Sixteen (16) countries. The major objective of ECOWAS is to establish a common market and create a monetary union. Its mission is to promote economic integration in “all fields of economic activity, particularly industry, transport, telecommunications, energy, agriculture, natural resources, commerce, monetary and financial questions, social and cultural matters. Read more on ECOWAS

  • The West African Monetary Zone (WAMZ)
    The West African Monetary Zone (WAMZ) was proposed by Nigeria and Ghana, on December 15, 2000, as a second monetary zone in the ECOWAS to fast track the monetary integration of Nigeria, Ghana, the Gambia, Sierra Leone, Liberia and Guinea (a French speaking country). The major objective is to facilitate rapidly the achievement of a WAMZ monetary union with a common central bank and a single currency for eventual merger with the Francophone countries who already have, in existence a West African Monetary Union known as UEMOA. Read more on WAMZ
  • The West African Monetary Institute (WAMI)
    The West African Monetary Institute (WAMI), is saddled with the responsibility of facilitating the realization of the single monetary union of the WAMZ. Read more on WAMI
  • The West African Monetary Agency (WAMA)
    The West African Monetary Agency (WAMA) is an autonomous specialized agency of the Economic Community of West African States (ECOWAS). Read more on WAMA
  • The West African Institute for Financial &
     Economic Management (WAIFEM)

    The West African Institute for Financial and Economic Management (WAIFEM) was established on July 22, 1996 by the constituent Central Banks of The Gambia, Ghana, Liberia, Nigeria and Sierra Leone became operational in January, 1997. The principal objective of the Institute is to build capacity for macroeconomic and financial management in the countries of its member central banks. Read more on WAIFEM

The New Economic Partnership for
African Development (NEPAD)
The New Economic Partnership for African Development (NEPAD) is a continental idea conceived by Nigeria and the Republic of South Africa and adopted by African leaders at the African Union summit in Lusaka, Zambia, in July 2000.

The New Economic Partnership for Africa's Development (NEPAD) is a continental idea conceived by Nigeria and the Republic of South Africa and adopted by African leaders at the African Union summit in Lusaka , Zambia , in July 2000. The goal of NEPAD is to eradicate poverty in Africa and to place African countries both individually and collectively on a path to sustainable growth and development to halt the marginalization of Africa in the globalization process.

NEPAD's primary objectives are:

  • To eradicate poverty;
  • To place African countries, both individually and collectively, on a path of sustainable growth and development;
  • To halt the marginalisation of Africa in the globalisation process and enhance its full and beneficial integration into the global economy;
  • To accelerate the empowerment of women

One of the goals identified by NEPAD is the implementation of prudent financial and economic management policies, such as stringent public financial management and tight monetary policies as vital for the achievement of sustainable growth and development in Africa. Some of the policies of the Central Bank of Nigeria touch directly on poverty eradication and so bear on NEPAD’s goal of acceleration of the eradication of poverty and inequality on the continent. Read more on NEPAD

Bilateral Economic Cooperation
The Monetary Policy Department inter-faces with the Central Banks of other countries such as Bank of Ghana, Reserve Bank of South Africa, Bank of England, Reserve Bank of New York and the Central Bank of Luxembourg, amongst others to share and exchange experiences on Monetary Policy management with emphasis on exchange rate and liquidity management. Read more on bilateral economic cooperation

Visit the AFDB website - http://www.afdb.org/
Visit the AACB website - http://www.aacb.org
Visit the World Bank Website - http://www.worldbank.org
Visit WAIFEM website - http://www.waifem.org/
Visit the ECOWAS website - http://www.ecowas.int/
Visit the WAMI website - http://www.wami-imao.org/
Visit WAMA website - http://www.wama-amao.org/
Visit NEPAD website - http://www.nepad.org/
The IMF website - http://www.imf.org
Read Frequently Asked Questions (FAQs) on Monetary Policy

Facts : 2/1/1933
Indigenous Banking in Nigeria:The story of indegenous banking in Nigeria began with the establishment of the National Bank of Nigeria Limited in February 1933.
See All: Facts | Events

Related Links

Other Related Institutions

Nigerian

  1. Bureau of Public Enterprises (BPE)
  2. Federal Ministry Of Finance
  3. Federal Office of Statistics (Email)
  4. National Assembly (Email)
  5. National Insurance Commission (NAICOM)
  6. National Planning Commission
  7. Federal Ministry of Commerce
  8. Federal Ministry of Foreign Affairs
  9. Ministry of Cooperation & Integration in Africa
  10. National Maritime Authority
  11. National Orientation and Public Affairs, The Presidency
  12. Nigerian Communications Commission
  13. Nigerian Corporate Affairs Commission
  14. Nigerian Deposit Insurance Corporation (NDIC)
  15. Nigerian Investment Promotion Commission
  16. Nigerian National Petroleum Corporation
  17. Nigerian Postal Services
  18. Security & Exchange Commission (SEC)
  19. The Government of Nigeria On-line
  20. The Nigerian Stock Exchange
  21. Nigerian Export - Import Bank NEXIM
  22. All Banking Institutions (including Banks, BDCs, etc) in Nigeria
  23. National Identity Management Commission
  24. National Pension Commission

Professional Bodies

  1. Chartered Institute of Bankers of Nigeria

International Organisations

  1. Proposed African Finance Cooperation (AFC)
  2. United Nations Economic Commission For Africa (UNECA)
  3. The Association of African Central Banks (AACB)
  4. The Economic Community of West African States (ECOWAS)
  5. African Development Bank (ADB) Group
  6. International Monetary Fund (I.M.F).
  7. Bank for International Settlement (B.I.S).
  8. Banque Centrale des Etats de l’Afrique de l’Ouest (BCEAO)
  9. The World Bank
  10. UNDP Nigeria
  11. Nigeria at the IMF
  12. West African Monetary Institute (WAMI)
  13. West African Monetary Agency (WAMA)
  14. West African Institute for Financial & Economic Management (WAIFEM)
  15. The New Economic Partnership for African Development (NEPAD)
  16. Group of Seven & Eight (G7/G8)
  17. Developing Eight Countries (D-8)
  18. Group of 77 (G-77)
  19. Group of (G-15)

Trade & Investment With the USA

  1. Africa Growth & Opportunity Act:
    (at the U.S. Trade Representative Office)
  2. Eximbank
  3. Overseas Private Investment Corporation
  4. Trade & Development Agency
  5. U.S. Commercial Service, U.S.A.
  6. U.S. Commercial Service, Nigeria