From CFO By Vincent Ryan September 23, 2014 In July, small business and middle market lender...
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.