Document Type

Annual Report

Publication Title

Central Bank of Nigeria Annual Report and Statement of Accounts


CBN annual report and statement of accounts for 1960 covers economic performance including key economic indicators such as inflation rate, GDP growth, exchange rate stability, banking sector performance, monetary policy, financial stability, fiscal policy, and regulatory updates. The banking system was relatively well developed with increase in bank deposits to 70 million Pounds. Also, the number of bank branches increased from 44 to 200. The development indicated growth and broadening of the banking system. The domestic publicly issued debt of the Federal Government consists of 300,000 Pounds. Nigeria Government Registered Stock 1956/61 which was due to be redeemed in December 1961 was 400,000 pounds while the Federation of Nigeria Development Stock was 600,000 pounds. The report also xrayed some developments in the Nigerian economy including the budget speech of the 4th April 1960, measures to expand the production base, reasonable stability of prices and the maintenance of the purchasing power of the national currency.

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