CENTRAL BANK OF NIGERIA (ESTABLISHMENT) ACT

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CENTRAL BANK OF NIGERIA (ESTABLISHMENT) ACT

LAWS OF THE FEDERATION OF NIGERIA

EXPLANATORY MEMORANDUM

This Act repeals the Central Bank of Nigeria Act 1991 and establishes a more independent Central Bank of Nigeria

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ARRANGEMENT OF SECTIONS

1. Establishment of the Central Bank of Nigeria
2. Objects of the Bank
3. Head office and branches
4. Capital
5. Operating surplus and general reserve fund
6. Establishment of the Board
7. Management of the Bank
8. Appointment, qualification and remuneration of Governor and Deputy Governors
9. Governor and Deputy Governors to be fully devoted to the service of the Bank
10. Appointment of other Directors
11. Disqualification and cessation of appointment
12. Establishment of Monetary Policy Committee
13. Meetings of the Board
14. Appointment of Secretary to the Board and other employees
15. Currency of Nigeria
16. Determination of exchange rate of the Naira
17. Sole right of issuing notes and coins
18. Power to print notes and mint coins
19. Denomination and form of currency notes and coins
20. Tampering with or trading in notes and coins
21. Bank’s currency notes and coins to be legal tender
22. Lost and damaged notes and coins
23. Exemption from stamp duty
24. Composition of external reserves
25. Maintenance of external reserves
26. Power to buy and sell Nigerian currency
27. Banking operations
28. Treasury operations
29. Credit operations
30. Liquidity management
31. Developmental function
32. Incidental powers
33. Power to require or share information
34. Prohibited activities
35. Publication of monetary policy rate
36. Service to the Federal Government
37. Federal Government’s usage of other banks and State Treasuries
38. Advances to Federal Government
39. Power to act as banker to State Governments, etc
40. Power to act as agent for Federal, State or Local Governments
41. Banker to other banks
42. Co-operation with banks in Nigeria
43. Establishment of Financial Services Regulation Co-ordinating Committee
44. Objectives of the Committee
45. Reserve requirements
46. Appointment of other bank as agent
47. Payment and settlement systems
48. Financial year
49. Audit
50. Publication of annual accounts and reports
51. Powers to make regulations
52. Protection against adverse claims
53. Exemption of the Bank from the payment of tax
54. Proceedings of the Board and the Monetary Policy Committee
55. Exclusion of the application of the Companies and Allied Matters Act 1990
56. Liquidation
57. Power to license and regulate credit bureau
58. Saving
59. Repeal
60. Interpretation
61. Citation

1^st Schedule: Proceedings of the Board

2^nd Schedule: Proceedings of the Monetary Policy Committee

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CENTRAL BANK OF NIGERIA (ESTABLISHMENT) ACT

An Act to repeal the Central Bank of Nigeria Act 1991 and to establish the Central Bank of Nigeria Act; and for related matters.

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[COMMENCEMENT [25th May 2007]

ALPHABETICAL INDEX TO THE LAWS OF NIGERIA