What does Central Bank of Nigeria do?

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: 1. Ensure monetary and price stability; 2. Issue legal tender currency in Nigeria; 3. Maintain external reserves to safeguard the international value of the legal tender currency; 4. Promote a sound financial system in Nigeria; and 5. Act as Banker and provide economic and financial advice to the Federal Government. In addition to its 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.