The Central Bank of Nigeria (CBN) was established through the CBN Act of 2007 which charged the Bank with the overall control and administration of the monetary and financial sector policies of the Federal Government, as well as the responsibility of administering the Banks and Other Financial Institutions (BOFI) Act (1991) as amended - with the aim of ensuring alignment with global standards of banking practice and financial stability through its surveillance activities, as well as the promotion of an efficient payment system.
The Central Bank has a vision to maintain Price and Financial System Stability and a mission to drive economic development through proper management of the financial sector as well as implementation of monetary and exchange rate policy. Its objectives include:
- To act as Banker to the Federal Government, as well as provide sound economic and financial advice to facilitate monetary and price stability
- Issue legal tender currency in Nigeria and maintain external reserves to safeguard its international value.
In addition to the above core functions, CBN has over the years performed some major developmental functions, focused 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.