Central Bank of Nigeria - wikipedia Central Bank of Nigeria Central Bank of Nigeria Headquarters Abuja, FCT, Nigeria Established 1958 Governor Godwin Emefiele Central bank of Nigeria Currency Nigerian naira NGN 566 ( ISO 4217 ) Website www.cbn.gov.ng CBN headquarters Central Bank of Nigeria The Central Bank of Nigeria ( CBN ) is the Central bank and apex monetary authority of Nigeria established by the CBN Act of 1958 and commenced operations on July 1, 1959. The major regulatory objectives of the bank as stated in the CBN Act are to : maintain the external reserves of the country, promote monetary stability and a sound financial environment, and to act as a banker of last resort and financial adviser to the federal government. The central bank 's role as lender of last resort and adviser to the federal government has sometimes pushed it into murky regulatory waters. After the end of imperial rule the desire of the government to become pro-active in the development of the economy became visible especially after the end of the Nigerian civil war, the bank followed the government 's desire and took a determined effort to supplement any short falls in credit allocations to the real sector. The bank soon became involved in lending directly to consumers, contravening its original intention to work through commercial banks in activities involving consumer lending. However, the policy was an offspring of the indigenisation policy at the time. Nevertheless, the government through the central bank has been actively involved in building the nation 's money and equity centers, forming securities regulatory board and introducing treasury instruments into the capital market. Contents 1 History of the CBN 1.1 Authorizing legislation 1.2 Policy implementation and criticism 1.3 Governors 2 Under Charles Chukwuma Soludo 3 Today 4 Advance Fees Fraud ( 419 ) 5 See also 6 Notes 7 References 8 External links History of the CBN Authorizing legislation In 1948, an inquiry under the leadership of G.D Paton was established by the colonial administration to investigate banking practices in Nigeria. Prior to the inquiry, the banking industry was largely uncontrolled. The G.D Paton report, an offshoot of the inquiry became the cornerstone of the first banking legislation in the country : the banking ordinance of 1952. The ordinance was designed to prevent non viable banks from mushrooming, and to ensure orderly commercial banking. The banking ordinance triggered a rapid growth in the industry, with growth also came disappointment. By 1958, a few number of banks had failed. To curtail further failures and to prepare for indigenous control, in 1958, a bill for the establishment of Central Bank of Nigeria was presented to the House of Representatives of Nigeria. The Act was fully implemented on July 1, 1959, when the Central Bank of Nigeria came into full operation. In April 1960, the Bank issued its first treasury bills. In May 1961 the Bank launched the Lagos Bankers Clearing House, which provided licensed banks a framework in which to exchange and clear checks rapidly. By July 1, 1961 the Bank had completed issuing all denominations of new Nigerian notes and coins and redeemed all of the West African Currency Board 's previous money. Policy implementation and criticism The CBN 's early functions were mainly to act as the government 's agency for the control and supervision of the banking sector, to monitor the balance of payments according to the demands of the federal government and to tailor monetary policy along the demands of the federal budget. The central bank 's initial lack of financial competence over the finance ministry led to deferment of major economic decisions to the finance ministry. A key instrument of the bank was to initiate credit limit legislation for bank lending. The initiative was geared to make credit available to neglected national areas such as agriculture and manufacturing. By the end of 1979, most of the banks did not adhere to their credit limits and favored a loose interpretation of CBN 's guidelines. The central bank did not effectively curtail the prevalence of short term loan maturities. Most loans given out by commercial banks were usually set within a year. The major policy to balance this distortion in the credit market was to create a new Bank of Commerce and industry, a universal bank. However, the new bank did not fulfill its mission. Another policy of the bank in concert with the intentions of the government was direct involvement in the affairs of the three major expatriate commercial banks in order to forestall any bias against indigenous borrowers and consumers. By 1976, the federal government had acquired 40 % of equity in the three largest commercial banks. The bank 's slow reaction to curtail inflation by financing huge deficits of the federal government has been one of the sore points in the history of the central bank. Coupled with its failure to control the burgeoning trade arrears in 1983, the country was left with huge trade debts totaling $6 billion. Governors Governors of the Central Bank since independence : Governor Previous position Term start Term end Roy Pentelow Fenton 24 July 1958 24 July 1963 Aliyu Mai - Bornu Deputy Governor, CBN 25 July 1963 22 June 1967 Clement Nyong Isong Advisor International Monetary Fund 15 August 1967 22 September 1975 Adamu Ciroma 24 September 1975 28 June 1977 Ola Vincent Deputy Governor, CBN 28 June 1977 28 June 1982 Abdulkadir Ahmed Deputy Governor, CBN 28 June 1982 30 September 1993 Paul Agbai Ogwuma CEO, Union Bank of Nigeria 1 October 1993 29 May 1999 Joseph Oladele Sanusi CEO First Bank of Nigeria 29 May 1999 29 May 2004 Charles Chukwuma Soludo Chief Executive, National Planning Commission 29 May 2004 29 May 2009 Sanusi Lamido Aminu Sanusi CEO, First Bank of Nigeria 3 June 2009 20 February 2014 Sarah Alade Deputy Governor, Central Bank of Nigeria 20 February 2014 3 June 2014 Godwin Emefiele Chief Executive Officer, Zenith Bank 3 June 2014 to date Under charles chukwuma soludo The central bank was instrumental in the growth and financial credibility of Nigerian commercial banks by making sure that all the financial banks operating in the country had a capital base ( required reserves ). This helped to make sure that bank customers just did not bear losses alone, in the event of bank failures. However, this policy led to the failure of some Nigerian commercial banks ; some banks could not meet up with the new capital base requirements, which was 25,000,000,000.00 Naira at the time. Those banks that could not meet the new capital base requirements had to fold up, while some that could not come up with the money on their own, had to merge with other banks in order to raise the money. This policy helped solidify the commercial banks of Nigeria, and made it impossible for individuals or organizations without financial stability to operate a bank in the country. Today Nigeria has one of the most advanced financial sectors in Africa, with most of its commercial banks having branches in other countries. The Central Bank is active in promoting financial inclusion policy and is a leading member of the Alliance for Financial Inclusion. It is also one of the original 17 regulatory institutions to make specific national commitments to financial inclusion under the Maya Declaration during the 2011 Global Policy Forum held in Mexico. The CBN has ensured all Banks in Nigeria to have a uniform year end. The various commercial bank includes Access Bank Plc, Citibank Nigeria Plc, Diamond Bank Plc, First Bank of Nigeria Plc, Guaranty Trust Bank Plc, Zenith Bank plc, Wema Bank, StanbicIbtc Bank, Fidelity Bank, United Bank for Africa etc. Today Mr. Godwin Emefiele, the former Zenith Bank Plc Chief Executive assumed the mantle as the 11th CBN chief as well as its 10th indigenous governor. Emefiele, who replaced Mallam Sanusi Lamido Sanusi, whose tenure elapsed on June 1 brings to the job over 20 years of banking experience. He has held several strategic positions in his 18 years in the banking industry. Before becoming the Managing Director of Zenith Bank Plc, he had worked in corporate banking, treasury and financial controls. Before that, he was a lecturer in Finance and Insurance at the University of Port Harcourt, as well as his alma mater, University of Nigeria, Nsukka, where he obtained both BSc and MBA degrees in Finance. He is also an alumnus of Executive Education at Stanford University, Harvard University and Wharton Graduate Schools of Business. Emefiele in his maiden press briefing two days after his resumption of office gave a presentation titled `` ENTRENCHING MACROECONOMIC STABILITY AND ENGENDERING ECONOMIC DEVELOPMENT IN NIGERIA ''. He acknowledged the excellent work that the Bank had done to achieve financial system stability, low inflation, exchange rate stability, an efficient payment system, and a consistent monetary policy in the last couple of years. He maintained that the vision of the Central Bank of Nigeria is to create a people - centered Central Bank by `` delivering price and financial system stability and promoting sustainable economic development ''. Advance fees fraud ( 419 ) See also : Advance - fee scam The name of the Central Bank of Nigeria has been used in a series of so - called ' Nigerian 419 Scams '. The fraudster sends an e-mail that appears to come from a Central Bank employee to millions of people saying the Bank has found an excess of money, or a debt owing to, a person or persons who have since died, and they wish to export it. The victim submits his own bank account so that the money may be placed therein, however this information is only used to add credibility to the scam, in order to lure the victim in further. Bank details and other personal information is used to create fake certificate or document that are allegedly from the Bank. Contrary to popular belief, the victim 's bank account can not be emptied in this fashion. And, if money was taken from an account, it could be reimbursed as it can be traced Instead, the fraudster will ask the victim to send money via wire transfer services such as Western Union or MoneyGram. A wire transfer sent abroad is untraceable and not reversible. The bank is in no way associated with such scams. See also Central banks and currencies of Africa Nigerian naira Payment system Real - time gross settlement Bank Verification Number Treasury single account Cashless Policy ( Nigeria ) Banking in Nigeria Zero COT Notes ^ Jump up to : History of CBN, retrieved 8 September 2006 from http://www.cenbank.org/AboutCBN Jump up ^ Nigeria Year Book 1962. Daily Times of Nigeria. 1962. p. 107. Jump up ^ `` Past And Present Governors ''. Central Bank of Nigeria. Retrieved 2010 - 02 - 28. ^ Jump up to : http://www.bbc.co.uk/news/world-africa-26270561 Jump up ^ Inclusion, Alliance for Financial. `` Maya Declaration Urges Financial Inclusion for World 's Unbanked Populations ''. www.prnewswire.com. Retrieved 2017 - 08 - 24. Jump up ^ `` Sanusi 's CBN in Emefiele clothing ''. Punch Newspapers Nigeria. Archived from the original on 2014 - 07 - 05. Retrieved 2014 - 07 - 16. Jump up ^ `` My agenda as Nigeria 's Central Bank Governor, By Godwin Emefiele ''. Premium Times Nigeria. Retrieved 2014 - 07 - 16. References E.O. Oloyede, The Bank Customer and Banking Law in Nigeria, Journal of African Law, Vol. 19, No. 1 / 2, Spring, 1975 G.O. Nwankwo, Bank Lending in a Developing Economy : The Nigerian Experience, Journal of African Law, Vol. 19, Spring, 1975 `` Foreign reserves down, bank lending up as economy falters '', Financial Times, November 29, 1982 Ugo A. Okoroafor `` Currency Restructuring in the CBN '', cenbank.org, September 20, 2012 External links Official site : Central Bank of Nigeria Governors of the Central Bank of Nigeria Roy Pentelow Fenton Aliyu Mai - Bornu Clement Nyong Isong Adamu Ciroma Ola Vincent Abdulkadir Ahmed Paul Agbai Ogwuma Joseph Oladele Sanusi Charles Chukwuma Soludo Sanusi Lamido Sanusi Sarah Alade ( acting from February - June 2014 ) Godwin Emefiele Abuja Districts Central District Garki District Wuse District Maitama District Asokoro District Gwarimpa DIstrict Phase 1 : Central Garki I Wuse I Wuse II Garki II Asokoro Maitama Guzape Phase 2 : Kukwuaba Gudu Durumi Wuye Jabi Utako Mabuchi Jahi Kado Dakibiyu Kaura Duboyi Gaduwa Dutse Katampe Phase 3 : Institution and Research Karmo Gwarimpa Dape Kafe Nbora Galadimawa Dakwo Lokogoma Wumba Idu Industrial Suburban districts : Nyanya Karu Gwagwalada Kubwa Jukwoyi Landmarks Aso Rock Presidential Complex National Assembly Supreme Court Abuja National Mosque Nigerian National Christian Centre Nnamdi Azikiwe International Airport Zuma Rock Millennium Tower CBN headquarters, NNPC towers Abuja International Conference Centre Nigerian Communications Commission building National Library of Nigeria Castle of Law National Ecumenical Centre of Nigeria Abuja Stadium Ecowas Secretariat Ladi Kwali Pottery Centre National Arbotetum I.B.B. Golf Club Pedam Dam The World Trade Centre Schools University of Abuja Nigerian Turkish Nile University Baze University The African University of Science and Technology Nigeria articles History Kingdoms Empires Aro Benin Fulani Kanem - Bornu Nri Oyo Timeline Northern Nigeria Southern Nigeria Civil War Geography Adamawa Plateau Cities Ecoregions Environmental issues Islands Jos Plateau Mountains National parks Niger Delta Rivers Niger Benue Wildlife Politics Administrative divisions Cabinet Constitution Elections Federal Executive Council Foreign relations Human rights Law enforcement LGBT history Military National Assembly House of Representatives Senate Political parties PDP APC President Vice-President Supreme Court Economy Agriculture Central Bank Economic history Energy Mining Naira ( currency ) Petroleum Stock Exchange Telecommunications Tourism Transport Society Capital punishment Corruption Demographics Diaspora Education Ethnic groups MASSOB MOSOP Oodua Peoples Congress Health Languages Organized crime Poverty Rankings Refugees Water supply and sanitation Islamist insurgency Communal conflicts in Nigeria, Herder -- farmer conflicts in Nigeria Niger Delta conflict 2016 Biafra conflict Culture Anthem Cinema Nollywood Colonial era Golden Age Video film era New Wave Coat of arms Cuisine Demonyms Flag List of Nigerians Literature Media Newspapers Radio TV Music Public holidays Religion Smoking Sport Video gaming Outline Index Portal Central banks Global Bank for International Settlements Basel Committee on Banking Supervision Financial Stability Board Policies Capital requirement Contractionary monetary policy Expansionary monetary policy Basel II Basel III Basel 4 Implementation Capital control Discount rate Interest rates Money creation Open market operation Sovereign wealth fund Bretton Woods system International Monetary Fund World Bank Group International Bank for Reconstruction and Development International Centre for Settlement of Investment Disputes International Development Association International Finance Corporation Multilateral Investment Guarantee Agency Lists List of central banks Central banks and currencies of Africa Central banks and currencies of Asia - Pacific Central banks and currencies of the Caribbean Central banks and currencies of Europe Central banks and currencies of Central America and South America Retrieved from `` https://en.wikipedia.org/w/index.php?title=Central_Bank_of_Nigeria&oldid=843051969 '' Categories : Government of Nigeria Central Bank of Nigeria Companies of Nigeria Central banks Economy of Nigeria Government agencies established in 1958 1958 establishments in Nigeria Banks established in 1958 Banks of Nigeria Hidden categories : All articles with unsourced statements Articles with unsourced statements from September 2008 Talk Contents About Wikipedia Languages Español Italiano 日本 語 Polski Português Русский Українська Edit links This page was last edited on 26 May 2018, at 14 : 48. 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Question: when was the central bank of nigeria established
Answer: 1958