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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 1 July 1959. [3] 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 act as a banker of last resort ...
Social Security Administration of Nigeria (SSA) Budget Office of the Federation (BOF) Bureau of Public Procurement (BPP) Central Bank of Nigeria (CBN) Corporate Affairs Commission (CAC) Debt Management Office (DMO) Federal Inland Revenue Service (FIRS) Federal Mortgage Bank of Nigeria (FMBN)
It is located in both Abuja and Lagos and is majority-owned by the government of Nigeria. [1] In addition to printing the banknotes and the postal orders of Nigeria, it has struck some of the coins of Nigeria. It also prints stamps. The Central Bank of Nigeria (CBN) is the sole issuer of legal tender money throughout the Federation. It controls ...
Monetary Policy Oversight: Monitoring and evaluating the implementation of monetary policies by the Central Bank of Nigeria (CBN) to ensure alignment with national economic objectives. Legislative Framework: Developing and amending laws that govern the financial sector to promote stability, growth, and consumer protection.
The banking industry in Nigeria started during the colonial era with the establishment of Colonial Banks, with the primary aim of meeting the commercial needs of the Colonial Government. [1] The banking system in Nigeria is regulated through the Central Bank of Nigeria. This apex bank started operation on July 1, 1959. [2]
Equitorial Trust Bank Plc. (ETB), commonly referred to as Equitorial Bank, was a commercial bank in Nigeria.It was one of the twenty-six (26) commercial banks licensed by the Central Bank of Nigeria (CBN), the country's banking regulator, in early 2011 before a merger with Sterling Bank.
The Discount Houses sub-sector of the Nigerian financial services industry was birthed in 1995 [1] and came as an offspring of the federal government of Nigeria through the Central bank of Nigeria (CBN). Discount Houses became the venue through which banks were able to channel excess liquidity and access same to and from the CBN.
By March 2012, Parallex Microfinance Bank upgraded from a Unit to a state Microfinance Bank, and by October 2013, it was licensed by the Central Bank of Nigeria to operate at National level, becoming one of the ten National Microfiance Banks in Nigeria in 20 months of operation.