 |
| To be one of the most efficient and effective world's
Central Banks in promoting and sustaining economic
development. |
| |
 |
| 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. |
| |
 |
| 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 Decree
No. 24 of 1991 (as amended in 1993, 1997, 1998 and
1999). The decree, (now an Act of the National Assembly
of the Federal Republic of Nigeria) makes provision
for the continuance of the CBN with a Board of Directors
consisting 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. |
|
| Core
Mandate Of The CBN |
| The core mandates of the Central
Bank of Nigeria (CBN) derive from the provisions
of the CBN Decree No. 24, 1991 as amended. The
mandates are mainly: |
 Issuance
of legal tender currency notes and coins
in Nigeria; |
| Maintenance
of Nigeria's external reserve to safeguard
the international value of the legal tender
currency; |
| Promotion
and maintenance of monetary stability and
a sound and efficient financial system in
Nigeria; and |
| Acting
as banker and financial adviser to the Federal
Government. |
|
|
| The Bank is also charged with responsibility
of supervising and regulating banks and other financial
institutions, subject to the BOFID Decree No. 25, 1991,
as amended, which aims at ensuring high standards of
banking practice and sustaining financial stability.
The CBN accomplishes this task through the supervision
and surveillance of the financial system and promotion
of an efficient clearing and payment system. The surveillance
of banks enhances competition, while prudential regulations
promote stronger balance sheets and higher quality
of bank portfolios.
The execution of CBN's core mandate involves a review
of developments in the economy in the preceding year
and setting objectives and targets for the current
year. |
