The finance sector is one of the leading industries in Nigeria primarily because they handle the monetary aspect and financial activities in the country. The central bank of Nigeria is responsible for coordinating all monetary transactions in Nigeria. They make sure bank activities are always transparent and are responsible for printing currencies and other foreign exchange. In this post, I will cover the Central bank of Nigeria review, their jobs and primary duties, history of Central bank of Nigeria, basically all you need to know about CBN.
Central bank of Nigeria Review
The Central Bank of Nigeria (CBN) is the Central bank and the monetary authority of Nigeria established by the CBN Act of 1958 and officially commenced operations on July 1, 1959. The CBN soon became involved in lending directly to consumers, contravening its original intention to work through commercial banks in activities involving consumer lending. Meanwhile, the policy was an offspring of the indigenization policy at the time. Nonetheless, the Federal government through the CBN has been heavily involved in building the nation’s money and equity centers nationwide, forming securities regulatory board, and introducing treasury instruments into the capital market.
Definition and Meaning of CBN
CBN is short for Central Bank of Nigeria. The CBN is considered the supreme monetary authority in Nigeria. Responsible for issuing the Nigerian naira, maintaining foreign currency reserves, and also maintaining monetary stability. It is also the lender of last resort for Nigerian banks. It was established officially in 1958.
Jobs and Duties of CBN
The Central Bank of Nigeria’s core values of Meritocracy, Leadership, Learning, and Customer-Focus are to guide the behavior of both management and employees of CBN towards the achievement of the Bank’s vision.Below is a list of their core duties
- To ensure monetary and price stability.
- To issue legal tender currency in Nigeria.
- To maintain external reserves to safeguard the international value of the legal tender currency.
- To promote a sound financial system in Nigeria.
- To act as Banker and provide economic and financial advice to the Federal Government.
Central Bank of Nigeria Governor
Since its inception in 1958, the central bank of Nigeria has had 11 governors. The current governor of CBN is Mr. Godwin Emefiele. Emefiele holds a B.Sc. degree in Finance in 1984 and an MBA Degree in Finance in 1986, both from the University of Nigeria, Nsukka. He is also an alumnus of Executive Education at Stanford University, Harvard University (2004), and Wharton School of Business (2005). The Central Bank Governor, Mr. Godwin Emefiele was conferred with an Honorary Doctorate Degree in Business Administration by the University of Nigeria, Nsukka (UNN)
Central Bank of Nigeria Address
The Central Bank of Nigeria headquarters is located in the Federal Capital Territory, FCT Abuja. Full address: Plot 33, Abubakar Tafawa Balewa Way Central Business District, Cadastral Zone, Abuja, Federal Capital Territory, Nigeria P.M.B. 0187, Garki Abuja. Nigeria. However, they have branches in all states in the country. Their branch office in other states coordinate activities in that region but ultimately report to the head office.
Central Bank of Nigeria Office in Lagos
Central bank of Nigeria has branches in almost all states in the country. Their Lagos branch is situated at Tinubu Square, Nigeria – P.M.B. 12194, Lagos.
History of Central Bank of Nigeria
The period 1892 – 1952, there was an inquiry by the then colonial administration to investigate banking practice in Nigeria. The G. D. Paton Report which emanated from the inquiry was the basis for the first Banking Ordinance of 1952. The ordinance was designed to ensure orderly commercial banking and to prevent the establishment of unviable banks. Draft legislation for the establishment of the Central Bank of Nigeria was presented to the House of Representatives in March 1958. The Act was fully implemented on 1 July 1959 when the Central Bank of Nigeria came into full operations.
The Central Bank of Nigeria Recruitment
According to their official website, as at the time of making this publication, there is currently no job opening on their website. However, if there is an opening, it will be posted on their recruitment page. You can access the page through this link.
Central Bank of Nigeria Social Media Handles
The CBN official social media handle on Facebook on https://www.facebook.com/cenbankng. CBN Official twitter page https://twitter.com/cenbank. They also have accounts on Instagram, and youtube as well.
The Banking sector in Nigeria is one of the leading sectors in Nigeria that greatly impact the Nation’s GDP. Although most banks are integrating mobile and internet banking into their system. Whether you are looking for a job in the Central Bank of Nigeria, or just interested in learning more about how they operate, then by now you should have everything you need to know about CBN Nigeria.
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