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Statement of CBN Core Mandate
The mandate of the Central Bankof Nigeria (CBN) is derived from the 1958 Act of Parliament, as amended in1991,1993,1997,1998,1999 and 2007. Listen to the Audio Version of the CBN 2007 Act
The CBN Act of 2007 of the Federal Republicof Nigeria charges the Bank with the overall control and administration of the monetary andfinancial sector policies of the Federal Government.
The objects of the CBN are as follows:
- ensure monetary and price stability;
- issue legal tender currency in Nigeria;
- maintain 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 theBanks and Other Financial Institutions Act (BOFIA), 2020, with thesole aim of ensuring high standards of banking practice and financial stabilitythrough its surveillance activities, as well as the promotion of an efficientpayment system.
In addition to its core functions, CBN has over the years performed some majordevelopmental functions, focussed on all the key sectors of the Nigerian economy(financial, agricultural and industrial sectors). Overall, these mandates arecarried out by the Bank through its various departments.
