Central Bank of Nigeria
The Central Bank of Nigeria (CBN) is the central bank and apex monetary authority of Nigeria. Established in 1958, the CBN is responsible for overseeing the financial and monetary stability of the country. Its headquarters is located in Abuja, the capital city of Nigeria.
History[edit | edit source]
The Central Bank of Nigeria was established by the CBN Act of 1958 and commenced operations on July 1, 1959. The establishment of the CBN was a significant step in the development of Nigeria's financial system, as it marked the beginning of a structured approach to monetary policy and financial regulation in the country.
Functions[edit | edit source]
The primary functions of the Central Bank of Nigeria include:
- Issuance of currency: The CBN has the sole authority to issue the Nigerian naira, the official currency of Nigeria.
- Monetary policy: The CBN formulates and implements monetary policy to achieve price stability and economic growth.
- Financial stability: The CBN regulates and supervises the banking sector to ensure the stability and soundness of the financial system.
- Foreign exchange management: The CBN manages Nigeria's foreign exchange reserves and oversees the foreign exchange market.
- Banker to the government: The CBN acts as the banker and financial adviser to the Government of Nigeria.
Governance[edit | edit source]
The Central Bank of Nigeria is governed by a Board of Directors, which is responsible for the overall policy and administration of the bank. The Governor of the CBN is the chief executive officer and is appointed by the President of Nigeria. The current Governor is Godwin Emefiele, who has been in office since June 2014.
Monetary Policy[edit | edit source]
The CBN uses various tools to implement monetary policy, including open market operations, the discount rate, and reserve requirements. The primary goal of the CBN's monetary policy is to maintain price stability while supporting economic growth.
Challenges[edit | edit source]
The Central Bank of Nigeria faces several challenges, including managing inflation, stabilizing the exchange rate, and promoting financial inclusion. The CBN has also been involved in efforts to combat money laundering and improve the regulatory framework for the banking sector.
Also see[edit | edit source]
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