Central Bank of Nigeria (CBN)

Central Bank of Nigeria (CBN)

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The Central Bank of Nigeria (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 with a objective of ensuring monetary and price stability; Issuance of legal tender currency in Nigeria, maintaining 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 (BOFI) Act (1991) as amended, 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.

Latest Updates in Central Bank of Nigeria (CBN)

Federal Mortgage Bank of Nigeria Act

This is an Act to establish the Federal Mortgage Bank of Nigeria to provide long-term credit facilities to mortgage institutions in Nigeria and encourage and promote the developmen... Continue Reading...

Financial Year Act

An Act to provide for the alteration of the financial year and for the appointment of the new period of January to December as being the financial year henceforth and for purposes connected therewit... Continue Reading...

Agricultural Credit Guarantee Scheme Fund Act

An Act to establish an Agricultural Credit Guarantee Scheme Fund into which shall be subscribed a certain sum to provide guarantees for loans granted for agricultural purposes by any bank.... Continue Reading...

Mortgage Institutions Act

An Act to make provisions for establishment and licensing of mortgage institutions to grant loans and advance to individuals for the purchase or construction of a dwelling house... Continue Reading...

Foreign Exchange (Monitoring and Miscellaneous Provisions) Act

This is an Act to establish an Autonomous Foreign Exchange Market and to provide for the monitoring and supervision of the transactions conducted in the market and for matters connected therewith.... Continue Reading...

Community Banks Act

This is an Act to provide for the establishment of Community Banks and to establish their functions which includeaccepting from persons various types of deposits, includingsavings and time and target... Continue Reading...

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Federal Mortgage Bank of Nigeria Act

This is an Act to establish the Federal Mortgage Bank of Nigeria to provide long-term credit facilities to mortgage institutions in Nigeria and encourage and promote the developmen... Continue Reading...

Bills of Exchange Act

This is an Act to codify the law relating to bills of exchange, cheques and promissory notes.

Central Bank of Nigeria Act

This is an Act to repeal the Central Bank of Nigeria Act 1991 and to establish the Central Bank of Nigeria Act; and for related matters.The principal objects of the Bank shall be to ensure monetary an... Continue Reading...

Bank Employees, Etc. (Declaration of Assets) Act

This is an Act to make provisions for the declaration of assets by employees of banks operating in Nigeria and to empower the President to extend its application to other categories of persons.

Banks (Motor Vehicle Loans) (Miscellaneous Provisions) Act

This is an Act to prohibit the sale, disposal or parting with possession of a motor vehicle on which a bank loan is still outstanding and to require the licensing authority to en... Continue Reading...

Banks and Other Financial Institutions Act (BOFIA)

An Act to regulate banking and other financial institutions and for matters connectedtherewith.

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