Central Bank of Nigeria Act (Act No. 7)
(enacted in 2007)
The Central Bank of Nigeria Act (Act No. 7 of 2007) establishes and lays down the authority of the Central Bank of Nigeria (CBN).
The principal objectives of the CBN include:
- Ensuring monetary and price stability;
- Issuing legal tender currency in Nigeria;
- Maintaining external reserves to safeguard international value of the legal tender currency;
- Promoting a sound financial system in Nigeria; and
- Acting as banker and providing economic and financial advice to the Federal Government.
This act discusses the following topics, among others:
- Establishment of the CBN;
- Objectives of the CBN;
- Management of the CBN;
- Banking operations;
- Treasury operations;
- Credit operations;
- Liquidity management;
- Power to act as banker;
- Payment and settlement systems;
- Powers to make regulations; and
- Power to license and regulate credit bureaus.