Central Bank of Nigeria

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Central Bank of Nigeria

The Central Bank of Nigeria (CBN) is the central bank and the highest monetary authority of Nigeria. It was established by the CBN Act of 1958 and started operations on July 1, 1959.[1][2]

Central Bank of Nigeria
Headquarters Abuja, FCT, Nigeria
Established 1958
Central bank of Nigeria
Currency Nigerian naira
ISO 4217 Code NGN 566
Reserves 28 280 million USD[3]
Website www.cbn.gov.ng
CBN headquarters

History[change | change source]

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.[4] The Central Bank of Nigeria has blue color on its office building at different branches of Nigeria.

Governors[change | change source]

Here are the list of Governors of the Central Bank of Nigeria:[5]

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[6]
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[6][7]

References[change | change source]

  1. "Central Bank of Nigeria | Home". www.cbn.gov.ng. Retrieved 2021-04-27.
  2. "Central Bank of Nigeria:: History of the CBN". www.cbn.gov.ng. Retrieved 2021-04-27.
  3. Cite error: The named reference dnbinfo was used but no text was provided for refs named (see the help page).
  4. "Cbn Exchange Rate : Check All Cbn Nigeria Exchange Rate Today 2020 – Information". Retrieved 2021-04-27.
  5. "Past And Present Governors". Central Bank of Nigeria. Archived from the original on 2010-02-14. Retrieved 2010-02-28.
  6. 6.0 6.1 "Nigeria central bank head Lamido Sanusi ousted". bbc.com. BBC. Retrieved 25 September 2018.
  7. "BREAKING: Senate confirms Emefiele's re-appointment a day after screening". Oak TV Newstrack. 16 May 2019. Archived from the original on 17 May 2019. Retrieved 17 May 2019.