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Encyclopedia > Central Bank of Nigeria

The Central Bank of Nigeria was established by the CBN Act of 1958 and commenced operations on July 1st, 1959. [1]. 1958 (MCMLVIII) was a common year starting on Wednesday of the Gregorian calendar. ... July 1 is the 182nd day of the year (183rd in leap years) in the Gregorian Calendar, with 183 days remaining. ... 1959 (MCMLIX) was a common year starting on Thursday of the Gregorian calendar. ...

Contents


Objectives and Activities

The standard objectives of the bank as fixed in the CBN Act of 1958 are: to issue legal tender currency in Nigeria; to maintain the external reserve and value of the legal tender so as to safeguard the international value of the country; to promote monetary stability and a sound financial system; to act as the banker and financial adviser to the Federal Government. The central bank is the lender of last resort and has participated in economic development activities. This article is about law in society. ... A reserve currency (or anchor currency) is a currency which is held in significant quantities by many governments and institutions as part of their foreign exchange reserves. ... To meet Wikipedias quality standards, this article or section may require cleanup. ... Federalism is the idea of a group or body of members that are bound together (latin: foedus, covenant) with a governing representative head. ... This article needs to be cleaned up to conform to a higher standard of quality. ...


The CBN has worked to build money and equity markets, introducing treasury instruments, developing the stock exchange, and forming the securities market regulatory body.


Central Bank of Nigeria has branches in major cities throughout the country.[2]


Authorizing Legislation

In 1991, the legal mandate of CBN was expanded to include more regulation of banks and non-bank financial institutions. 1997 amendments to the Central Banking Act brought the CBN under the supervision of the ministry of finance and reduced its autonomy. CBN currently operates under 1998 legislation, which expanded its regulatory authority and increased its independence from the finance ministry.[3] 1991 (MCMXCI) was a common year starting on Tuesday of the Gregorian calendar. ... 1997 (MCMXCVII) was a common year starting on Wednesday of the Gregorian calendar. ... 1998 (MCMXCVIII) was a common year starting on Thursday of the Gregorian calendar, and was designated the International Year of the Ocean. ...


Problems of CBN

The "Fashanu Report", prepared by footballer and businessperson John Fashanu, purported to document a large fraud scheme involving debt buy back by the national bank. This report has been strongly criticized as in fact prepared as an attack on Bob Minton, including untrue allegations. John Fashanu La Mazza Furente (born September 18, 1962) is a British television presenter and ex-footballer. ...


In any case, the central bank has acknowledged its weaknesses in regulation and monitoring, consistent with widespread corruption in the business and government sectors of the Nigerian economy.[4], [5] The bank has also been ineffectual in meeting the challenges to the Nigerian economy resulting from its large foreign debt.


In 2002 the CBN broke with IMF and suspended debt payments[6]. In 2005, Nigeria and Paris Club agreed to a debt repayment and forgiveness place[7] which places more responsibility for monetary policy, such as inflation control, on the central bank.


CBN is also repeatedly mentioned in so-called "419 Scams".


See also

The Naira is the currency of Nigeria. ... Advance fee fraud is a confidence trick in which the target is persuaded to advance relatively small sums of money in the hope of realizing a much larger gain. ...

External links

http://www.cenbank.org/


Works Cited

  1. ^ History of CBN, retrieved 8 September 2006 from http://www.cenbank.org/AboutCBN
  2. ^ History of CBN, retrieved 8 September 2006 from http://www.cenbank.org/AboutCBN
  3. ^ History of CBN, retrieved 8 September 2006 from http://www.cenbank.org/AboutCBN
  4. ^ "Debt Relief, Loot Recovery and Constitutional Reform in Nigeria" Testimony 25 May 2000 by Mobolaji E. Aluko, PhD, President, Nigerian Democratic Movement (NDM) [Professor & Chair of Chemical Engineering, Howard University] Before the US Congressional Subcommittee on Domestic and International Monetary Policy, Committee on Banking and Financial Services , retrieved 8 September 2006 from http://www.africaaction.org/docs00/nig0006.htm
  5. ^ retrieved 8 September 2006 from Nigeria Business Info, http://www.nigeriabusinessinfo.com/cbn.htm
  6. ^ "Nigerian in Transition: The Burden of Debt", PBS broadcast July 2003, retrieved 8 September 2006 from http://www.pbs.org/newshour/bb/africa/nigeria/debt.html
  7. ^ Press Releases from Paris Club and IMF, June-October 2005, retrieved 8 September 2006 from http://www.utexas.edu/conferences/africa/ads/1258b.html

  Results from FactBites:
 
Central Bank of Nigeria Decree (4595 words)
The Bank shall continue to be a body corporate with perpetual succession and a common seal and may sue and be sued in its corporate name.
The Bank shall have its head office in any location which is by law the capital of the Federal Republic of Nigeria, and may open branches in any part of Nigeria and appoint agents and correspondents abroad in accordance with the decisions of the Board.
The Bank shall have power to perform functions relating to the management for the external debts of the Federal Government as may be directed by the President.
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