The Central Bank of Nigeria (CBN) commenced operations on July 1, 1959 and was established by the CBN Act of 1958. The major regulatory objectives of the bank as stated in the CBN Act are to: maintain the external reserves of the country, promote monetary stability and a sound financial environment, and to act as a banker of last resort and financial adviser to the federal government. The central bank’s role as lender of last resort and adviser to the federal government has sometimes pushed it into murky regulatory waters. After the end of imperial rule the desire of the government to become pro-active in the development of the economy became visible especially after the end of the Nigerian civil war, the bank followed the government’s desire and took a determined effort to supplement any short falls in credit allocations to the real sector. The bank soon became involved in lending directly to consumers, contravening its original intention to work through commercial banks in activities involving consumer lending. However, the policy was an offspring of the indigenization policy at the time. Nevertheless, the government through the central bank has been actively involved in building the nation’s money and equity centers, forming securities regulatory board and introducing treasury instruments into the capital market.
Central Bank of Nigeria
Below is the list of past and present governors of the Central Bank of Nigeria (CBN)
- Roy Pentelow Fenton, Served From: 24/7/1958 – Retired 24/7/1963.
- Alhaji Aliyu Mai-Bornu, Served From: 25/7/1963 – Retired 22/6/1967.
- Dr. Clement Nyong Isong, Served From: 15/8/1972 – Retired 24/9/1975.
- Mallam Adamu Ciroma, Served From: 24/9/1975 – Retired 28/6/1977.
- Mr. O. Ola. Vincent Served From: 28/6/1977 – Retired 28/6/1982.
- Alahji Abdulkadir Ahmed Served From: 28/6/1982 – Retired 30/9/1993.
- Dr. Paul Agbai Ogwuma Served From: 1/10/1993 – Retired 29/5/1999.
- Chief (Dr.) Joseph Oladele Sanusi, CON Served From: 29/5/1999 – Retired 29/5/2004.
- Prof. Chukwuma C. Soludo, CFR Served From: 29/5/2004 – Retired 28/5/2009.
- Mallam Sanusi Lamido Sanusi, CON Served From: 4/6/2009 – Retired 2/6/2014.
- Mr. Godwin Emefiele, CON Served From: 3/6/2014 – To Date.
Mr Godwin Emefiele, CON is the current governor of the Central Bank of Nigeria (CBN).