Document Type

Annual Report

Publication Title

Central Bank of Nigeria Annual Report and Statement of Accounts

Abstract

CBN Annual Report and Statement of Accounts for 1961 discussed the economic performance of Nigeria with emphasis on inflation rate, GDP growth, exchange rate stability, banking sector performance, monetary policy, financial stability, fiscal policy, and regulatory updates. Economic activity, which had been at a relatively high level during the year of independence, expanded further during 1961. The production of most of the agricultural export commodities attained high levels during the 1960-1961. Mineral production varied widely among individual products but on balance activity was considerably higher in 1961 than in the previous year. Industrial production continued to grow, reflecting both the rising output of existing plants and the bringing of new factories into production. The volume of new construction reached a new peak and was widely distributed over the country, a reflection of accelerated activity in the construction of Government and commercial structures, schools, factories, residential buildings and engineering projects. The general trend of international prices for Nigeria's export crops during much of 196 I was toward lower levels, but prices of some commodities recovered late in the year. The decline was particularly large in the case of cocoa and the lower prices were in effect during the period when the 1960-1961 crop was marketed. However, the price turned upwards in October and at the yearend was above that prevailing a year earlier. The value of Nigeria's external trade during the first nine months of 1961 showed an increase in both imports and exports._Aggregate imports during the nine months amounted to £162.8 million, which was £6.2 million higher than in the same period o f 1960. The rise in exports, including re-exports, totalled £7.0 million, bringing the total for the first nine months o f 1961 to £136.8 million. The commercial banking system in Nigeria continued to expand during 1961 both in the volume of business handled and throu gh the provision of extended services. The total currency in circulation in the country amounted to £86.9 million, roughly the same level as it was a year earlier, but there was a marked variation in the month-to-month movements or currency and in the composition o f the circulation during the two years. on public debt operations of the CBN, the Minister of Finance authorised the Central Bank of Nigeria to float, in March 19, a Second Development Loan for an amount of £10 million. The year also witnessed a broadening of the money and capital markets and improvement of the mechanism through which they operate. The Balance Sheet and Profit and Loss Account of the Central Bank reflect for the first time the results of the Bank's activities over an operational period o f a complete year

First Page

1

Last Page

26

Publication Date

12-31-1961

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