CENTRAL BANK OF NIGERIA
Vision of Central Bank of Nigeria
"To be one of the most efficient and
effective world's Central Banks in promoting and sustaining economic development."
The central bank of Nigeria only caters to the banks in the Republic of Nigeria.
"To be proactive in providing a stable framework for the economic development of Nigeria through the effective, efficient and transparent implementation of monetary and exchange rate policy and management of the financial sector."
STATEMENT OF CBN MANDATE
The mandate of the Central Bank of Nigeria (CBN) is derived from the Act that sets it up. The initial one was the 1958 Act of Parliament which was severally amended before it was jettisoned and replaced by the Central bank of Nigeria now an Act of the National Assembly of the Federal Republic of Nigeria) which makes provision for the continuance of the CBN with a board of directors of the Governor, four deputy governors and five non- executive directors and charges the Bank with the overall control and administration of the monetary and financial sector policies of the Federal Government, both within and outside Nigeria.
The statutory mandates of the CBN as in the Act are as follows:
1. To issue legal tender currency
2. To maintain external reserves
3. To safeguard the international value of the legal tender currency
4. To promote monetary stability and a sound financial system in Nigeria
5. To act as banker and financial adviser to the Federal Government.
The Monetary Policy in Nigeria is best understood from the stance of the mandate set for the Bank. The core mandate of the CBN, as spelt out in the Central Bank of Nigeria Act (1958), and amendments (1997, 1998) include:
1. Issuance of legal tender currency notes and coins in Nigeria
2. Maintenance of Nigeria’s external reserves to safeguard the international value of the legal currency.