Document Type

Annual Report

Publication Title

Central Bank of Nigeria Annual Report and Statement of Accounts


The Annual Report contains details of Central Bank of Nigeria (CBN) financial activities during the 1999 accounting year in accordance with statutory requirement. During the period under review, the Bank carried out its core functions under CBN Decree No. 24, 1991, and the Banks and Other Financial Institutions (BOFI Decree No. 25, 1991). The CBN also performed developmental and technical assistance roles to contribute to economic development and capacity building. In 1999, the CBN carried out core functions, including issuance of currency notes and coins, maintaining Nigeria's external reserves, and promoting monetary stability. The Bank implemented policies to reduce excess liquidity, achieve single-digit inflation, and promote non-inflationary growth. Key policy targets included growth in broad money, narrow money, aggregate bank credit, bank credit to the government, private sector, inflation rate, GDP growth, balance of payments viability, and financial sector stability. The CBN also implemented policies to ensure the economy's stability and competitiveness, such as increasing the cash reserve requirement, minimum liquidity ratio, and discount window operations. The CBN's liquidity management strategy aimed to maintain an optimum level of liquidity consistent with non-inflationary growth. Instruments applied to manage liquidity included Open Market Operations (OMO) conducted wholly in Nigerian Treasury Bills (NTBs), repurchase agreements (Repos), and the Central Bank of Nigeria's Reserve Bank (CBN). The CBN also provided developmental functions to ensure credit accessibility for small and medium-sized enterprises and farmers, and provided services to third parties.

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