The CBN, or Central Bank of Nigeria, is the country’s primary financial institution. Its responsibilities include setting the country’s monetary policy and policing the banking industry. The Central Bank of Nigeria (CBN) was established in 1958, not long after Nigeria gained its independence from British rule.
The CBN was established in 1958 and given the name Central Bank of Nigeria in line with Ordinance No. 24 of that year. Being the country’s central bank and banking regulator are two of its key roles. Taking its cues from the Bank of England, the CBN was established to provide price stability, promote economic growth in Nigeria, and act as the government’s official bank.
Throughout many years, the CBN’s policies and programmes have helped the Nigerian economy expand, remain stable, and become more accessible to the general public in terms of financial services. The CBN was also in charge of managing the country’s foreign exchange reserves and issuing and regulating the naira, the official currency.
There have been several challenges for the Central Bank of Nigeria (CBN) in recent years, including growing inflation, currency depreciation, and economic instability. Yet, it continues to play a major role in the Nigerian economy and has taken a number of steps to deal with these difficulties and boost growth.
In recent decades, the Central Bank of Nigeria (CBN) has grown to become an important Nigerian institution, with increasing influence over the country’s monetary and financial policies. A governor, appointed by the President of Nigeria for a single five-year tenure, runs the show. Abuja, Nigeria’s capital, is also the site of the CBN’s headquarters.