The Half Year Economic Report of the Central Bank of Nigeria for 2012
CENTRAL BANK OF NIGERIA
Economic Report For the First Half of 2012
CBN Half Year Economic Report for 2012
Central Bank of Nigeria Corporate Head Office 33 Tafawa Balewa Way Central Business District P. M. B. 0187, Garki Abuja Website: www.cbn.gov.ng Tel: +234(0)946239701 +234(0)946239702
© 2012 Central Bank of Nigeria ISSN 1597 - 2976
iii
CBN Half Year Economic Report for 2012
B
e the model central bank delivering price and financial system stability and promoting sustainable economic development.
V ision
T
Mission
o be proactive in providing a stable framework for the economic development of Nigeria, through effective, efficient, and transparent implementation of monetary and exchange rate policy, and management of the financial sector.
v
CBN Half Year Economic Report for 2012
The Central Bank of Nigeria
Established by the Central Bank of Nigeria (CBN) Act of 1958, the Principal objects of the Bank as contained in the new CBN Act, 2007 are to · · · · · ensure monetary and price stability issue legal tender currency in Nigeria maintain external reserves to safeguard the international value of the legal tender currency promote a sound financial system in Nigeria act as banker and provide economic and financial advice to the Federal Government of Nigeria
vi
CBN Half Year Economic Report for 2012
MEMBERS OF THE BOARD OF DIRECTORS OF THE BANK AS AT JUNE 30, 2012
1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. Sanusi Lamido Sanusi, CON Suleiman A. Barau Sarah O. Alade (Mrs) Kingsley C. Moghalu Tunde O. Lemo, OFR Danladi I. Kifasi, mni Jonah O. Otunla Dahiru Muhammad Samuel O. Olofin Joshua O. Omuya Stephen O. Oronsaye, CFR Yunusa M. Sanusi Governor (Chairman) Deputy Governor (Corporate Services) Deputy Governor (Economic Policy) Deputy Governor (Financial System Stability) Deputy Governor (Operations) Director (Permanent Secretary, Federal Ministry of Finance) Director (Accountant General of the Federation) Director
Economic Report For the First Half of 2012
CBN Half Year Economic Report for 2012
Central Bank of Nigeria Corporate Head Office 33 Tafawa Balewa Way Central Business District P. M. B. 0187, Garki Abuja Website: www.cbn.gov.ng Tel: +234(0)946239701 +234(0)946239702
© 2012 Central Bank of Nigeria ISSN 1597 - 2976
iii
CBN Half Year Economic Report for 2012
B
e the model central bank delivering price and financial system stability and promoting sustainable economic development.
V ision
T
Mission
o be proactive in providing a stable framework for the economic development of Nigeria, through effective, efficient, and transparent implementation of monetary and exchange rate policy, and management of the financial sector.
v
CBN Half Year Economic Report for 2012
The Central Bank of Nigeria
Established by the Central Bank of Nigeria (CBN) Act of 1958, the Principal objects of the Bank as contained in the new CBN Act, 2007 are to · · · · · ensure monetary and price stability issue legal tender currency in Nigeria maintain external reserves to safeguard the international value of the legal tender currency promote a sound financial system in Nigeria act as banker and provide economic and financial advice to the Federal Government of Nigeria
vi
CBN Half Year Economic Report for 2012
MEMBERS OF THE BOARD OF DIRECTORS OF THE BANK AS AT JUNE 30, 2012
1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. Sanusi Lamido Sanusi, CON Suleiman A. Barau Sarah O. Alade (Mrs) Kingsley C. Moghalu Tunde O. Lemo, OFR Danladi I. Kifasi, mni Jonah O. Otunla Dahiru Muhammad Samuel O. Olofin Joshua O. Omuya Stephen O. Oronsaye, CFR Yunusa M. Sanusi Governor (Chairman) Deputy Governor (Corporate Services) Deputy Governor (Economic Policy) Deputy Governor (Financial System Stability) Deputy Governor (Operations) Director (Permanent Secretary, Federal Ministry of Finance) Director (Accountant General of the Federation) Director