History of Central Bank of Nigeria (CBN) – Prime Point
Overview of Central Bank of Nigeria
The Central Bank of Nigeria is the nation’s foremost and apex financial institution. In its latest Act of 2007, the CBN is a member of the federal government with overall control and administration of all monetary and financial sector policies.
Its objectives also include; Providing monetary and price stability, maintaining external reserves to the world’s international currency, acting as a banker and providing economic and financial advice to the Federal Government. The Bank has its Headquarters in Abuja and branches in every state capital of the federation.
History of Central Bank of Nigeria from 1958 Till Date
The Central Bank of Nigeria (CBN) was established by the CBN Act of 1958, which has been modified in 1991, 1993, 1997, 1997, 1999 and 2007. It began operations on July 1, 1959 and issued its first treasury bills in April 1960.
In its early days, the CBN mainly acted as regulators of the banking sector, monitoring the balance of payments according to the federal budget. The Central Bank has had 12 Governors since Nigerian Independence and is probably the most popular government body in Nigeria.
An office with watertight security. Visitors here have to be cleared to get in. No security threat.
Best Time to Visit Central Bank of Nigeria
CBN operates between 8am and 5pm on weekdays. This is the best period to visit.
Most Common Visitors
The CBN is visited by a wide range of people.