Central bank of Nigeria (CBN)
The Central Bank Of Nigeria Headquarters is located at Abuja, Nigeria.
It was established in 1958 and it is owned by the federal government.
It commenced operations on July 1, 1959.
Currency: Nigerian naira NGN
It was founded by house of representatives of Nigeria
They reserved 28,280 million US Dollar
The aim of the bank as stated in the CBN Act are to maintain the external reserves of the country, to promote monetary stability and a sound financial environment and to act as a banker of last resort and financial adviser to the federal government of Nigeria.
The Central Bank of Nigeria Act No. 24, 1985 was published as chapter 30 of the 1958 edition of the Laws of Lagos and Nigeria. The bank was fully implemented on 1st of July 1959 the Central Bank of Nigeria came into full operation and remained the primary statute governing the CBN until its repeal by the Central Bank of Nigeria Act No.24, 1991.
In April 1960, the Bank issued its first treasury bills. In May 1961 the Bank launched the Lagos Bankers Clearing House that provides licensed banks a framework in which to clear and exchange checks rapidly. In July 1, 1961 the Bank had completed issuing all denominations of new Nigerian coins and notes, CBN redeemed all of the West African Currency Board’s previous money.
