The Central Bank of Nigeria: All You Need to Know

central-bank-of-nigeria-nigerian-infopediaThe Central Bank of Nigeria (CBN) was established from the 1958 Act of Parliament which was further amended in 1991, 1993,1997,1998, 1999 and 2007 respectively. It commenced work officially July 1, 1959. The Central Bank of Nigeria is the apex bank in Nigeria charged with the overall control and administration of the monetary and financial policies of the Federal Government in Nigeria.

Objectives of the Central Bank Of Nigeria

It is the CBN objective to:

  1. Ensure that Nigeria’s currency and prices are stable both locally and inter
  2. To issue the legal tender currency in Nigeria
  3. To maintain Nigeria’s external reserves in a bid to safeguard the international value of the Naira
  4. Establish a solid financial system in Nigeria and
  5. Provide economic and financial advice to the Federal Government.

Also, it is the duty of the Central Bank to regulate the activities of other Banks in Nigeria and other Financial Institutions in Nigeria with the aim of ensuring that high standards of banking practice are met by these banks operating in Nigeria.

Over the years, the CBN has also helped in stabilizing the key sectors of the Nigerian economy (financial, industrial and agricultural sectors) through its various departments.

The official website of the Central Bank of Nigeria is http://www.cenbank.org

Address of the Central Bank of Nigeria, Abuja

Plot 33,
Abubakar Tafawa Balewa Way
Central Business District,
Cadastral Zone,

Abuja,
Federal Capital Territory,
Nigeria

Working Hours: 8a.m to 4p.m (Mondays to Fridays), Visiting days (Tuesday & Thursday) Strictly by appointment.

ALSO READ  Best Restaurants in Lagos State: Top 10

Phone: +234 700 225 5226

Email: [email protected]

Post Office Box

P.M.B. 0187,
Garki Abuja.
Nigeria

The Author

Nigerian Infopedia

Nigeria's number one online Information Hub

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Nigeria Infopedia © 2018
error: Content Protected