Central Bank of Nigeria Act (Act No. 7)

Nigeria

(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;
  • Currency;
  • 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.