Central Bank of Nigeria
CBN
About
The Central Bank of Nigeria (CBN) is the central bank and apex monetary authority of Nigeria. Its main regulatory objectives, as set out in the CBN Act, are to maintain the country's external reserves, promote monetary stability and a sound financial environment, and act as banker of last resort and financial adviser to the federal government. The bank governs its operations through a board of directors led by the Governor, with deputy governors and directorates covering monetary policy, banking supervision, financial markets, currency operations and development finance. It has branches in the 36 states of the federation and its headquarters in the Federal Capital Territory.
History
The bank was established by the Central Bank of Nigeria Act of 1958 and commenced operations on 1 July 1959. It grew out of a 1948 inquiry led by G.D. Paton into banking practices, whose recommendations led to the Banking Ordinance of 1952, and later issued its first treasury bills in April 1960. In its early decades the bank became involved in credit allocation and direct lending during the post-colonial development push and the indigenization policy, which sometimes drew it into political controversy. Later reforms, including higher minimum capital requirements for commercial banks, shaped the sector, and the bank launched the eNaira digital currency in 2021 and the AfriGo national payment card scheme in 2023.
Key Facts
Established
1 July 1959
Headquarters
Abuja, FCT, Nigeria
Governor
Olayemi Cardoso
Jurisdiction
Nigeria
Abbreviation
CBN
Website
cbn.gov.ng