CBN Nigeria; the history, structure and functions of central bank of Nigeria

CBN Nigeria – The apex bank fully known as Central Bank of Nigeria as it is rightly called is the bank of Nigerian banks as it is called and it hold more that we think we know within its grasps.

This blog is a very sweet one and we must not dilly dally on it instead we will take you straight to its hot zone for a super hot blogging service.

Please find below our major sub topics of the day:

Definition of Central bank of Nigeria

This is the Apex Bank in Nigeria which is better defined by its history and function than by its name.

By name we simply define it as Apex, Central and the Highest Bank in Nigeria whose job is to regulate all the Nigerian banks, regulate economy and functions as the bank of the federal Government of Nigeria.

Now to understand this further, we will quickly treat the:

History of central bank of Nigeria

We know you have heard inquiries like when did Nigeria establish central bank?

The idea of Central Bank was conceived before 1958 but in 1958, the Central bank Act was drafted and implemented.

This Central bank Act of 1958 (as amended) constitutes the legal frame work by which the Central bank works.

In 1969, the Banking Decree (as amended) was added to the Central bank Act of 1958 for a more function based defined Central Bank.

The contents of this act and the decree are what stipulated the functions of The Apex bank which also defines them.

Functions of central bank of Nigeria

You might have heard people asking what is the function of CBN?, who established the Central Bank of Nigeria? or why was Central Bank of Nigeria established?

The Apex bank in Nigeria was established by the act of parliament as contained in the Banking Decree of 1959 (as amended) and the Central bank Act of 1958.

The functions of Central Bank of Nigeria are as follows:

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; and
5. Act as Banker and provide economic and financial advice to the Federal Government.

The above answers to the question what are the functions of the Central Bank of Nigeria is also the reason why is Central Bank called apex bank?

Structure of central bank of Nigeria

The structure of Central Bank is as follows:

Central bank is headed by a Chief Executive Officer known and addressed as the Governor of Central Bank. The current governor of central bank of Nigeria is Godwin Emefiele.

Finally in the current Governor of Central bank hails from Delta State Nigeria

A total number of 28 departments are under him reporting through various unit heads back to him. The Nigeria CBN governor is serving his second tenure currently.

List of CBN branches in Nigeria

It is the policy of Central bank (CBN) that each state capital in Nigeria must have Central Bank Office.

This means that Nigeria as a Nation has 36 Central Bank offices including Federal Capital Territory (FCT) Abuja.

This makes it 37 Apex Bank of Nigeria (CBN) branches in Nigeria. We have the following branches:

1. Central bank of Nigeria Abuja (CBN Abuja)
2. Central bank of Nigeria Lagos (CBN Lagos)
3. …and 35 other branches in the state capital nationwide

The above is equally obtainable from Central Bank of Nigeria news (CBN Nigeria news).

CBN Nigeria Contact

The Central bank can be contacted through the under listed means:

1. Central bank of Nigeria address
2. Central bank of Nigeria email / Central bank of Nigeria email address (contactcbn@cbn.gov.ng). This serves as the Central bank of Nigeria complaint email address
3. Their phone number : +2347002255226

All you need to do is to simply visit Central bank of Nigeria website www.cbn.gov.ng

Conclusion:

There is more to what CBN Nigeria does but this blog is just to highlight the basic ones based on what people search for on google.

In case you have any inquiry that is not contained here, please call on us to provide it for you.

You can also read: Current Account in Nigeria