The Central Bank of Nigeria (CBN) was set up by the CBN Act of 1958 and initiated operations on July 1, 1959. It is headquartered in Abuja, FCT, Nigeria.
The Central Bank Act, 1958 (as revised) and the Banking Decree 1969 (as changed) constituted the legitimate structure inside which the CBN works and controls banks. The extensive variety of monetary progression and deregulation measures taking after the appropriation, in 1986, of a Structural Adjustment Program (SAP) brought about the rise of more banks and other money related go-betweens. The Banks and Other Financial Institutions (BOFI) Decrees 24 and 25 of 1991, which revoked the Banking Decree 1969 and every one of its alterations, were, along these lines, established to reinforce and extend the forces of CBN to cover the new organizations keeping in mind the end goal to upgrade the adequacy of money related strategy, direction and supervision of banks and additionally non-saving money budgetary foundations. Tragically in 1997, the Federal Government of Nigeria ordered the CBN (Amendment Decree No. 3 and BOFI (Amended)] Decree No. 4 in 1997 to evacuate totally the constrained self-sufficiency which the Bank delighted in since 1991.
The current legitimate structure inside which the CBN works is the CBN Act of 2007 which cancelled the CBN Act of 1991 and every one of its alterations. The Act gives that the CBN should be a completely self-sufficient body in the release of its capacities under the Act and the Banks and Other Financial Institutions Act with the goal of advancing solidness and coherence in monetary administration. In accordance with this, the Act broadened the objects of the CBN to incorporate guaranteeing financial and value strength and rendering monetary exhortation to the Federal Government.
Governors since Independence:
|Roy Pentelow Fenton||24 July 1958||24 July 1963|
|Aliyu Mai-Bornu||25 July 1963||22 June 1967|
|Clement Nyong Isong||15 August 1967||22 September 1975|
|Adamu Ciroma||24 September 1975||28 June 1977|
|Ola Vincent||28 June 1977||28 June 1982|
|Abdulkadir Ahmed||28 June 1982||30 September 1993|
|Paul Agbai Ogwuma||1 October 1993||29 May 1999|
|Joseph Oladele Sanusi||29 May 1999||29 May 2004|
|Charles Chukwuma Soludo||29 May 2004||29 May 2009|
|Sanusi Lamido Aminu Sanusi||3 June 2009||20 February 2014|
|Sarah Alade||20 February 2014||3 June 2014|
|Godwin Emefiele||3 June 2014||to date|
Mr. Godwin Emefiele, the previous Zenith Bank Plc Chief Executive took on the position as the eleventh CBN boss and in addition its tenth indigenous representative. Emefiele, who supplanted Mallam Sanusi Lamido Sanusi, whose residency slipped by on June 1 conveys to the employment more than 20 years of managing an account involvement. He has held a few key positions in his 18 years in the managing an account industry. Before turning into the Managing Director of Zenith Bank Plc, he had worked in corporate keeping money, treasury and monetary controls. Prior to that, he was a teacher in Finance and Insurance at the University of Port Harcourt, and also his place of graduation, University of Nigeria, Nsukka, where he got both BSc and MBA degrees in Finance. He is additionally a former student of Executive Education at Stanford University, Harvard University and Wharton Graduate Schools of Business.
Be THE MODEL National BANK conveying Cost and Budgetary Framework Solidness and advancing Supportable Monetary Improvement.
To be proactive in giving a steady system to the financial advancement of Nigeria, through compelling, proficient, and straightforward usage of money related and conversion scale arrangement, and administration of the monetary part.
Our centre estimations of Meritocracy, Authority, Learning and Client Centre are to control the conduct of both administration and representatives of CBN towards the accomplishment of the Bank’s vision. It ought to be these common principles that are unforgettable to us, which manage our everyday connections, choices, arrangements and executions. Nobody, from Senator to Office-Right hand ought to be in uncertainty in the matter of what our qualities are and each execution of their obligations ought to completely mirror those qualities.
The major administrative goals of the bank as expressed in the CBN Act are to keep up the outer stores of the nation, advance fiscal security and a sound monetary condition, and to go about as a broker of the final resort and money related consultant to the government. The national bank’s part as loan specialist of final resort and counsellor to the government has at times pushed it into cloudy administrative waters.
The administration through the national bank has been effectively required in building the country’s cash and value focuses, framing securities administrative board and bringing treasury instruments into the capital market.
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