Central Bank of Nigeria

Oladimeji AdisaApril 10, 2017

642 3 minutes read

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.

CBN Logo

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:

Governor	Term start	Term end
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

Godwin Emefiele:

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.

Objective:

Be THE MODEL National BANK conveying Cost and Budgetary Framework Solidness and advancing Supportable Monetary Improvement.

Concept:

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.

Core Value:

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.