Central Bank Of Nigeria
Statement of CBN Core Mandate
The mandate of the Central Bank of Nigeria (CBN) is derived from the 1958 Act of Parliament, as amended in 1991, 1993,1997,1998,1999 and 2007.
The CBN Act of 2007 of the Federal Republic of Nigeria charges the Bank with the overall control and administration of the monetary and financial sector policies of the Federal Government.
The objects of the CBN are as follows:
- ensure monetary and price stability;
- issue legal tender currency in Nigeria;
- maintain external reserves to safeguard the international value of the legal tender currency;
- promote a sound financial system in Nigeria; and
- act as Banker and provide economic and financial advice to the Federal Government.
Consequently, the Bank is charged with the responsibility of administering the Banks and Other Financial Institutions Act (BOFIA), 2020, with the sole aim of ensuring high standards of banking practice and financial stability through its surveillance activities, as well as the promotion of an efficient payment system.
In addition to its core functions, CBN has over the years performed some major developmental functions, focussed on all the key sectors of the Nigerian economy (financial, agricultural and industrial sectors). Overall, these mandates are carried out by the Bank through its various departments.
Vision Statement: To be one of the most effective central bank financial markets franchise in the world.
Mission Statement: To deepen the Nigerian financial markets by ensuring that they are global, organised, liquid, diversified and transparent.
Mandate
- To intervene effectively in the money and foreign exchange markets in order
- to achieve monetary policy objectives
- To conduct auctions in government securities, Central Bank of Nigeria
- securities and foreign exchange for effective liquidity management
- To obtain timely market intelligence reports on the impact of monetary
- policy decisions and promote the development of efficient markets
- To develop instruments to deepen the financial markets
- To monitor activities in the financial markets
For more info, visit www.cbn.gov.ng
