What you need to know about the Central Bank of Nigeria

What is CBN?


CBN means Central Bank of Nigeria. CBN was established by the CBN Act of 1958, the Act has been amended over the years to accommodate newer policies and regulations, the most recent being the CBN Act of 2007. The Act charges the Bank with the overall control and administration of the monetary and financial sector policies of the Federal Government. 


Consequently, the Bank is charged with the responsibility of administering the Banks and Other Financial Institutions (BOFI) Act (1991) as amended, with the sole aim of ensuring high standards of banking practice and financial stability through its surveillance activities, as well as the promotion of an efficient payment system. This puts the CBN in charge of all financial institutions in Nigeria and their operations.


What is the role of the CBN?


The CBN is charged with the following responsibilities as provided under the Act:

  1. Ensure monetary and price stability.
  2. Issue legal tender currency in Nigeria.
  3. Maintain external reserves to safeguard the international value of the legal tender currency.
  4. Promote a sound financial system in Nigeria.
  5. Act as banker and provide economic and financial advice to the federal government.


What is the structure of CBN?


CBN is headed by the Chief Executive Official who is the Governor of the central bank. There are 28 (Twenty Eight) Departments in the Central Bank of Nigeria grouped in order of related performance and job descriptions (JDs) to facilitate smooth operations and management of those department. The formation of these directorates also reduces the pressure that would have brought to bear on the chief executive (the Governor CBN). Each directorate is headed by a deputy governor (D/G).


The management of the Central bank approved the establishment of 5 (five) directorates:

  1. Corporate Services Directorate
  2. Economic Policy Directorate.
  3. Financial System Stability Directorate
  4. Governors' Directorate
  5. Operations Directorate


Who is the Head of CBN?


The current Governor of the CBN is Godwin Emefiele. He resumed office on 3rd June, 2014, he was the Chief Executive officer and Group Managing Director of Zenith Bank Plc prior to his appointment.


What sector does the Agency regulate?


CBN is the apex monetary regulator in Nigeria. The agency regulates the financial sector.


What activities does the Agency regulate?


The Central Bank of Nigeria is responsible for ensuring high standards of banking practice and financial stability through its surveillance activities, as well as the promotion of an efficient payment system.


RELEVANT LAWS


The relevant laws regulating tax administration can be downloaded here


RELEVANT CONTACTS AND LINKS


Head Office: Plot 33, Abubakar Tafawa Balewa Way, Central Business District, Cadastral Zone, Abuja, Federal Capital Territory,Nigeria.


To find a branch near you, click here

Click here to view all CBN helpdesk emails.

 

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