Dissertation presented as the partial requirement for obtaining a Master's degree in Statistics and Information Management, specialization in Information Analysis and ManagementThe Central Bank of Nigeria (CBN) produces statistics that meet some of the data needs of
monetary policy and other uses. How well this is fulfilled by the CBN is consequent on the
quality of its statistical system, which has direct implication for knowledge creation through
processed mass of statistical information. Questionnaires based on IMF Data Quality
Assessment Frameworks (DQAFs) for BOP & IIP Statistics, and monetary statistics are applied
to evaluate the quality of the CBN statistical system. Extant sound practices and deficiencies
of the statistical system are identified; while improvement measures and statistical
innovations are suggested.
Enabled by relevant organic laws, the CBN compiles statistics in a supportive environment
with commensurate human and work tool resources that meet the needs of statistical
programs. Statistics production is carried out impartially and professionally, in broad
conformity with IMF statistics manuals and compilation guides, regarding concepts, scope,
classification and sectorization; and in compliance with e‐GDDS periodicity and timeliness for
dissemination. Other observed sound statistical practices include valuation of transactions
and positions using market prices or appropriate proxies; and recording, generally, of flows
and stocks on accrual basis; while compiled statistics are consistent within datasets and
reconcilable over a time period; etc.
Some of the generic weaknesses are absence of statistics procedural guide; lack of routine
evaluation and monitoring of statistical processes; inadequacy of branding to distinctively
identify the bank’s statistical products; non‐disclosure of changes in statistical practices;
non‐conduct of revision studies; and metadata concerns. The BOP & IIP statistics weaknesses
comprise coverage inadequacies, sectorization/classification issues, lack of routine
assessment of source data and inadequate assessment and validation of intermediate data
and statistical output; while for monetary statistics, non‐compilation of the OFCS is identified
apart from the generic. Recommendations include broadening source data, developing useroriented
statistical quality manuals, establishing comprehensive manuals of procedures and
their corresponding statistical compilation techniques, integrating statistical auditing into
the statistical system, enhancing metadata and conducting revision studies, among others
