Central Bank of Nigeria facts for kids
The Central Bank of Nigeria (CBN) is the central bank and the highest monetary authority of Nigeria. It was established by the CBN Act of 1958 and started operations on July 1, 1959.
Quick facts for kidsCentral Bank of Nigeria
|Headquarters||Abuja, FCT, Nigeria|
|Central bank of||Nigeria|
|ISO 4217 Code||NGN 566|
|Reserves||28 280 million USD|
Under the leadership of G.D Paton was established by the colonial administration to investigate banking practices in Nigeria. Prior to the inquiry, the banking industry was largely uncontrolled. The G.D Paton report, an offshoot of the inquiry became the cornerstone of the first banking legislation in the country: the banking ordinance of 1952. The ordinance was designed to prevent non viable banks from mushrooming, and to ensure orderly commercial banking. The Central Bank of Nigeria has blue color on its office building at different branches of Nigeria.
Here are the list of Governors of the Central Bank of Nigeria:
|Governor||Previous position||Term start||Term end|
|Roy Pentelow Fenton||24 July 1958||24 July 1963|
|Aliyu Mai-Bornu||Deputy Governor, CBN||25 July 1963||22 June 1967|
|Clement Nyong Isong||Advisor International Monetary Fund||15 August 1967||22 September 1975|
|Adamu Ciroma||24 September 1975||28 June 1977|
|Ola Vincent||Deputy Governor, CBN||28 June 1977||28 June 1982|
|Abdulkadir Ahmed||Deputy Governor, CBN||28 June 1982||30 September 1993|
|Paul Agbai Ogwuma||CEO, Union Bank of Nigeria||1 October 1993||29 May 1999|
|Joseph Oladele Sanusi||CEO First Bank of Nigeria||29 May 1999||29 May 2004|
|Charles Chukwuma Soludo||Chief Executive, National Planning Commission||29 May 2004||29 May 2009|
|Sanusi Lamido Aminu Sanusi||CEO, First Bank of Nigeria||3 June 2009||20 February 2014|
|Sarah Alade||Deputy Governor, Central Bank of Nigeria||20 February 2014||3 June 2014|
|Godwin Emefiele||Chief Executive Officer, Zenith Bank||3 June 2014||to date|
Central Bank of Nigeria Facts for Kids. Kiddle Encyclopedia.