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28-516: The current Chairman of the Agency is Atuonwo A. Obinna (2021 - date), and the Executive Secretary is Abdulkadir Saidu Umar (2018 - date). Previous Chief Executives are Dr. Oluwole Oluleye (2003 - 2009), Mr. Abiodun Ibikunle (2009 - 2011), Engr. Goody Chike Egbuji (2011 - 2011), Dr. Reginald Stanley (2011 - 2014), Mr. Farouk Ahmed (2014 - 2016) and Mrs. Sotonye E. Iyoyo (2016 - 2018) The PPPRA has

56-847: A 26-member Board which inter alia includes the Central Bank of Nigeria (CBN), Federal Ministry of Finance (FMF), Nigeria Employers Consultative Association (NECA), Nigeria Labour Congress (NLC), Trade Union Congress (TUC), Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), National Union of Petroleum and National Gas Workers (NUPENG), National Association of Road Transport Owners (NARTO), National Union of Road Transport Workers (NURTW), Nigerian Guild of Editors , National Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), MOMAN, DAPPMA, Independent Petroleum Marketers Association of Nigeria (IPMAN), amongst others. This article about government in Nigeria

84-614: A banking business in Nigeria, with specific procedures. The act prohibits anyone from operating a banking business in Nigeria without such a license. Additionally, the BOFIA empowers the Governor of the CBN to issue regulations, guidelines and policies to banks, specialized banks, and other financial institutions in Nigeria.  And to appoint officers to supervise and examine these institutions according to

112-608: A few banks had failed. To curtail further failures and to prepare for indigenous control, in 1958, a bill for the establishment of the Central Bank of Nigeria was presented to the House of Representatives of Nigeria . The Central Bank of Nigeria Act No. 24, 1958 was published as chapter 30 of the 1958 edition of the Laws of Nigeria and Lagos. It was fully implemented on 1 July 1959, when the Central Bank of Nigeria came into full operation and remained

140-457: Is a stub . You can help Misplaced Pages by expanding it . This government agency –related article is a stub . You can help Misplaced Pages by expanding it . 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 1 July 1959. The major regulatory objectives of

168-739: 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 that all banks in Nigeria have uniform year-ends. The various commercial banks include Access Bank Plc, Citibank Nigeria Plc, Diamond Bank Plc, First Bank of Nigeria Plc, Guaranty Trust Bank Plc, Zenith Bank plc, Wema Bank, Stanbic IBTC Bank, Fidelity Bank, United Bank for Africa etc. In 2009,

196-459: Is a standard library at the Headquarters and all other branches, it has information resources like journals , magazines , books of various fields of study can be used and the library is open for students, researchers and staff. 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,

224-445: Is not a cryptocurrency per se but effectively build on the blockchain technology and available through the mobile applications eNaira Speed Wallet and eNaira Speed Merchant Wallet. At its launching by President Muhammadu Buhari on 25 October, the platform was joined by 33 banks and ₦500m worth of eNaira was minted. The introduction of the eNaira came a few months after the government had banned all cryptocurrencies. In June 2023,

252-507: The British West African pounds that were circulating in Nigeria. The Central Bank of Nigeria is known for the blue color of its office building at different branches of the country. 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

280-706: The Federal Capital Territory, Abuja . The House of Representatives consists of 360 members, each representing a federal constituency. Party leaders and Whips are elected by their respective parties in a closed-door caucus by secret ballot . With the APC holding a majority of seats and the PDP holding the highest minority, the current leaders in the 10th National Assembly are: Majority Leader Prof. Julius Ihonvbere From Edo State, Chief Whip Usman Bello Kumo from Gombe State, Abdullahi Ibrahim Halims from Kogi State as

308-602: The World Economic Forum . On 14 June 2023, the Naira fell 23% in a day, to a rate of ₦600 to US$ 1, as the central bank abandoned its currency peg and allowed the naira to trade freely. The Senate of the Federal Republic of Nigeria confirmed the nomination of Dr Olayemi Cardoso as the 12th Governor of the Central Bank of Nigeria on 26 September 2023. The Central Bank of Nigeria (Establishment) Act 2007 affirms

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336-597: The CBN fired the CEOs and executive directors of 5 Nigerian banks ( Afribank , FinBank Nigeria , Intercontinental Bank , Oceanic Bank and Union Bank of Nigeria ) for mismanagement of loans and over-reliance on the CBN. In 2014, the President Goodluck Jonathan suspended the governor of the CBN Sanusi Lamido Sanusi on grounds of financial recklessness. In April 2021, the Central Bank of Nigeria fired

364-438: 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

392-465: 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 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 political controversies. After the end of colonial rule,

420-430: 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 rapid growth in the industry, and with growth also came disappointment. By 1958,

448-445: The burgeoning trade arrears in 1983, the country was left with huge trade debts totaling $ 6 billion. Governors of the Central Bank since independence: 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 ensure that bank customers just did not bear losses alone, in

476-424: The demands of the federal budget . 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 favoured a loose interpretation of CBN's guidelines. The central bank did not effectively curtail

504-528: The desire of the government to become proactive 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 show shortfalls, credit allocations to the real sector. The bank became involved in lending directly to consumers, contravening its original intention to work through commercial banks in activities involving consumer lending. However,

532-494: The dictates of the governor. Also, Section 5 of the BOFIA empowers the CBN to revoke the license of any bank for stipulated reasons. House of Representatives of Nigeria Minority (118) Others (64) Vacant (3) The House of Representatives (also called Green Chamber) is the lower chamber of Nigeria's bicameral National Assembly . The Senate is the upper chamber . The Green Chamber has 360 members who are elected in single-member constituencies using

560-424: The establishment of a body known as the Central Bank of Nigeria. The act also states the fundamental objects of the bank, which include the sole power to issue notes and coins, maintain an external reserve for Nigeria, and generally supervise the entire banking system in Nigeria. The Banks and Other Financial Institutions Act, 2020 , empowers the Governor of the CBN to issue a license to anyone wanting to start

588-403: The event of bank failures. However, this policy led to the failure of some Nigerian commercial banks; some banks could not meet 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

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616-454: 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

644-562: The plurality (or first-past-the-post ) system, most recently in 2023 . Members serve four-year terms. The presiding officer of the house is the Speaker , currently Tajudden Abbas (as of May 2024). The Constitution of the Federal Republic of Nigeria , assumes a National Assembly for the federation which consists of a Senate and a House of Representatives. The Senate consists of three members from each Nigerian state and one member from

672-465: The policy was an offspring of the indigenization policy at the time. Nevertheless, the government through the central bank has been actively involved in building the nation's money and equity centres, forming securities regulatory boards, and introducing treasury instruments into the capital market. The bank has thirty-six branches each in the 36 states of the federation and the headquarters in FCT. The Library

700-659: The president of CBN, Godwin Emefilele was arrested by the Nigerian State Security Service and removed from his position at the CBN following a previous arrest attempt in December 2022 for "financing terrorism, fraudulent activities, and economic crimes of national security dimension." This was after claims that Emefiele was waging a war on cash under a directive from the International Monetary Fund and

728-408: 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

756-599: 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, which provided licensed banks a framework in which to exchange and clear checks rapidly. By 1 July 1961, the Bank had completed issuing all denominations of new Nigerian notes and coins and redeemed all of

784-645: The whole board of the First Bank of Nigeria which was in a «grave financial condition». In July 2021, CBN announced that it had ended the sales of foreign exchange (forex) to bureau de change operators. Following the announcement, all forex sales were to go directly to commercial banks. That same month the Bank’s governor, Godwin Emefiele, said that Nigeria would launch its own cryptocurrency, called "e-naira," in October, which

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