Central Bank of Nigeria
| Headquarters | Abuja , Nigeria |
| founding | 1958 |
| president | Godwin Emefiele (Governor of the bank since 2014) |
| country | Nigeria |
| currency | |
| ISO 4217 | NGN |
| Currency reserves | US $ 39.830 billion (November 2019) |
| Website | |
| List of central banks | |
The Central Bank of Nigeria (CBN) is the central bank of Nigeria . The bank was created in 1958 with the Central Bank of Nigeria Act and started operations a year later. The bank is headquartered in Nigeria's capital, Abuja , after Lagos previously served as its headquarters.
tasks
The bank's main regulatory goals under the Central Bank of Nigeria Act are to preserve the country's reserves, promote currency stability and a solid financial environment, and act as the last resort lender and financial advisor to the federal government. After the end of British colonial rule, the government's desire to participate actively in the development of the economy became apparent, especially after the end of the civil war in Nigeria . The bank followed the government's request and made determined efforts to compensate for any falls in lending to the real sector. The bank soon became involved in direct consumer lending, which contradicted its original intent to engage in consumer credit activities through commercial banks. However, this policy was an offshoot of the then indigenization policy .
history
In 1948 the British colonial administration opened an investigation, led by DG Paton, to investigate banking practices in Nigeria. Before the investigation, the banking industry was largely uncontrolled. The DG Paton report, an offshoot of the investigation, became the cornerstone of the country's first banking legislation: the 1952 Banking Ordinance. The ordinance was designed to prevent unprofitable banks from skyrocketing and ensure proper commercial banking. The banking regulation triggered rapid growth in the industry. By 1958, however, some banks had failed. To curb further failures and prepare for post-independence control of the locals, a bill to establish the Central Bank of Nigeria was presented to the Nigerian House of Representatives in 1958. The law was fully implemented on July 1, 1959, when the Central Bank of Nigeria began operations. In April 1960 the bank issued its first bonds. In May 1961 the bank opened the Lagos Bankers Clearing House, which provided the licensed banks with a framework for the rapid exchange and processing of checks. By July 1, 1961, the bank had completed issuing all denominations of new Nigerian banknotes and coins and had redeemed all previous West African Currency Board money. In 1973 the bank accompanied the change from the Nigerian pound to the naira .
Individual evidence
- ↑ Nigeria Foreign Exchange Reserves . tradingeconomics.com. Accessed November 24, 2019
- ↑ Central Bank of Nigeria | About CBN. Retrieved December 14, 2019 .
- ^ Central Bank of Nigeria :: History of the CBN. Retrieved December 14, 2019 .
- ^ Central Bank of Nigeria, Brief History - Banking - Africa - Money in the world - Banking organizations of African countries. Retrieved December 14, 2019 .