Central Bank of Nigeria

The Central Bank of Nigeria was established as per the 1958 Act of Parliament, which has set its mandate. Its role has been revised over the years along the constitutional amendments of 1991, 1993, 1997, 1998, 1999, and 2007. At present Sanusi Lamido Sanusi operates as the Governor.

Central Bank of Nigeria - Responsibilities:

The duties and responsibilities of Nigeria’s central bank are determined by the CBN Act of 2007 of the Federal Republic of Nigeria:

• Ensuring stability of prices and monetary systems
• Promotion of a healthy financial system
• Issuing legal tender currency
• Providing financial and economic advice to the government and acting as its banker
• Maintaining external reserves

Central Bank of Nigeria - Mission, Vision and Values:

The basic vision of the CBN is to become one of the best central banks around the world in terms of sustenance and promotion of national economy. As per its mission statement the bank aims to manage the financial sector and implement exchange rate and monetary policies that will help to create a consistent economic framework:

Its values may be enumerated as below:

• Leadership – vision, integrity, and courage
• Learning – self development, continuous improvement, and team work
• Meritocracy – empowerment, professionalism, and performance
• Customer Focus – responsiveness, proactivity, and innovation

Central Bank of Nigeria - Departments:

The 25 departments of the Central Bank of Nigeria have been classed into 5 directorates and are headed by the deputy governors:

• Governor’s Directorate
• Financial System Stability Directorate
• Operations Directorate
• Economic Policy Directorate
• Corporate Services Directorate

Central Bank of Nigeria - Currency:

The Nigerian central bank issues notes in the following denominations:

• 1000 Nairas
• 500 Nairas
• 200 Nairas
• 100 Nairas
• 50 Nairas
• 20 Nairas
• 10 Nairas
• 5 Nairas

Coins in the following denominations are issued by the CBN as well:

• 2 Nairas
• 1 Naira
• 50 Kobo

Central Bank of Nigeria - Supervision:

The supervisory functions of the CBN are performed by three departments:

• Financial Policy and Regulation
• Other Financial Institutions Supervision Department
• Banking Supervision Department

Central Bank of Nigeria - Development Finance:

The following development finance oriented programs are managed by the apex banking organization:

• Development financing
• SMEEIS
• Agric Credit
• Refinancing & Rediscounting Scheme
• Commodity Surveillance
• Infrastructure Finance
• Microfinance
• Microfinance Advisory Board

Central Bank of Nigeria - Community Programs:

The community programs of the CBN can be categorized into four streams – University Aid, Govt & Professionals, Sports, and Other Aids:

• The Nigerian University Capacity Building Programme
• Lawn Tennis
• All Financial Institutions Football Competition
• CBN Governor’s Golf Cup
• National Assembly
• Financial Institutions Training Centre
• Economic and Financial Crime Commission
• Seminar for Finance Correspondents and Business Editors
• Investment and Securities Tribunal
• Professional Institutions
• Economic and Financial Data Management and Dissemination
• Library Services

Central Bank of Nigeria - Contact Details:

The contact details of the Nigerian central bank can be mentioned as below:
Central Bank of Nigeria,
Plot 33, Abubakar Tafawa Balewa Way
Central Business District,
Cadastral Zone,
Abuja, Federal Capital Territory,
Nigeria

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

Phone: +234 9 462 39701-02
E-mail: info@cenbank.org