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The Central Bank of Nigeria Act Act No. 7 of 2007 establishes and lays on the authority in the Central Bank of Nigeria CBN.
Ensuring monetary and price stability;
Issuing legal tender currency in Nigeria;
Maintaining external reserves to shield international value from the legal tender currency;
Promoting an audio financial system in Nigeria; and
Acting as banker and providing economic and financial advice for the Federal Government.
This act discusses the next topics, amongst others:
Establishment on the CBN ;
Payment and settlement systems;
Powers to create regulations; and
Power to license and regulate credit reporting agencies.
The Financial Inclusion Guide was made in consultation with all the Consultative Group to Assist the Poor CGAP.
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17. The Bank shall develop the sole right of issuing currency notes and coins
throughout Nigeria and neither the Federal Government nor any State Government,
Local Government, one else or authority shall issue currency notes, bank notes or
token which can be likely to pass as legal tender.
a arrange for your printing of currency notes as well as the minting of coins;
b issue, re-issue and exchange currency notes and coins for the Banks offices
and at such agencies as it might, every so often, establish or appoint;
the preparation, safe custody and destruction of plates and paper with the printing of
currency notes and disc with the minting of coins; and
19. 1 The currency notes and coins issued through the Bank will be - a such denominations in the Naira or fractions thereof as will probably be
approved because of the President around the recommendation on the Board; and
because of the President about the recommendation with the Board.
President within the recommendation with the Board.
20. 1 The currency notes issued because of the Bank should be legal tender in Nigeria
at their face value for that payment associated with a amount.
2 The coins issued through the Bank shall, it such coins have never been
tampered with, be legal tender in Nigeria at their face value as much as such amount or
amounts as could be determined, on occasion, with the Bank.
3 Notwithstanding sub-sections 1 and a couple of this section, the Bank
shall have power, if sent to do so from the President and after giving reasonable
notice as behalf, to contact any of their notes or coins on payment from the face value
sub-section, shall, for the expiration from the notice, cease to become legal tender, but,
subject to section 22 on this Act, will likely be redeemed with the Bank upon demand.
Previous CORRUPTION, NATIONAL DEVELOPMENT, THE BAR AND THE JUDICIARY: Now what is Good Governance? Oby Ezekwesili
The Central Bank of Nigeria will expend N40.3bn to create its new coins and naira notes,
The Central Bank of Nigeria is certainly going ahead using the planned introduction in the N5, 000
Nigerians breathed a sigh of relief as news filtered from Thursday, September 20, that
1. Payment of N38.23billion next year to Nigerian Security Printing and Minting Plc for
Chairman, Chartered Institute of Bankers of Nigeria, Kwara State branch, Mr. Frank
THE POPULAR outcry against its introduction notwithstanding, the entry from the N5000 note
Beyond the CBN Rationalization from the New N5, 000 Notes: The Kind of Explanations
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Kogi State Governor-Elect, Alh. Yahaya Bello has cautioned the outgoing administration inside the state against awarding frivolous contracts that might plunge a state into further financial quagmire. Speaking through his media office, the Governor-Elect cautioned the Wada Administration against attempts at crippling the incoming administration through award of contracts without following due process, saying the us government should act from the ambit of law. Our attention is drawn to some hasty contracts about for being awarded with the government through
The Economic and Financial Crimes Commission, EFCC, this morning, arraigned the previous National Security Adviser, NSA, Col. Sambo Dasuki, retd, before an Abuja High Court sitting at Maitama on the fresh 19-count criminal charge. Dasuki was docked alongside the erstwhile Director of Finance inside the Office from the NSA, Mr. Shuaibu Salisu, former Executive Director on the Nigeria National Petroleum Commission, NNPC, Aminu Baba-Kusa, together with his companies, Acacia Holding Limited and Reliance Referal Hospital Limited. Meantime, the accused
Nigerians will recently know the revolutionary tariff for electricity, the Nigerian Electricity Regulatory Commission NERC said with the weekend. The regulatory agency said for a workshop in Abuja so it had considered the submissions with the 11 electricity distribution companies Discos in Nigerias electricity market, and would after the final regulatory meeting inside week, announce the revolutionary rates. The Chairman of NERC, Dr. Sam Amadi, said the regulator had held meetings with
The Debt Management Office DMO has placed the total profile of Nigeria at N64 billion, dismissing fear all alike that the debt overhang will change the national economy. The Director-General from the Debt Management Office DMO, Dr Abraham Nwankwo made this known in the submission he made for the Senate According to your submission he made for the Senate Committee on Foreign and Local Debts, ever rising debt profile in the country will never affect
The former defender says the following six months are important and finishing outside of the top four may mean the club miss from Pep Guardiola or Carlo Ancelotti Manchester United players are far too afraid expressing themselves and so are going backwards under manager Louis van Gaal, in accordance with former defender Rio Ferdinand. Van Gaal may be criticised for his
Each member in the Dream Team V1 was paid the Naira equal of 4, 000 once they defeated Algeria 2-1 to clinch the 2015 AFCON in Dakar, Senegal, on Saturday night and also this brings to an overall total of 12, 000 each player was paid. We are already paid our winning bonus with the final, a farmer confirmed to yesterday morning. They would n't have got anything had they lost the ultimate. In total, each player
I find the impression how the elite in Benue state and also in zone C tend to be united for selfish purpose than for that general interest. I receive the impression which the youth has major challenges in uniting for that general interest than for selfish purpose. In the end in any event has a challenge. This has designed a case to the infrastructural deficit from the zone. These challenges, I wish it just weren't
Arsenal are actually drawn against Barcelona while PSG will face Chelsea within the Champions League last 16. CHAMPIONS LEAGUE LAST 16 DRAW IN FULL Gent vs Wolfsburg Roma vs Real Madrid PSG vs Chelsea Arsenal vs Barcelona Juventus vs Bayern Munich PSV vs Atletico Madrid Benfica vs Zenit Dynamo Kyiv vs Manchester City More to
The opposition Peoples Democratic Party PDP yesterday challenged the President Muhammadu Buhari led government to build a National Truth Commission where politicians and also other Nigerians would publicly discuss the actual meaning of corrupt practices from the country. The opposition party while reiterating its support for your anti-corruption crusade, however required investigation into your source of funding with the PDP and All Progressives Congress APC 2015 Presidential campaigns along with presidential security votes
A 77-year-old woman, Elder Mrs. Grace Orizu was roasted alive on Saturday afternoon when her sons five-room bungalow at Little Wood Estate, Obosi in Idemili North Local Government Area of Anambra state was allegedly set ablaze by suspected arsonists. Her nine years old house help, Progress N w a c h u k w u, miraculously escaped death as neighbours who thronged the scene been able to rescue him alive through the kitchen where he
No lower than 20 members on the Shiite sect were killed, yesterday, because the military cracked down for the sect for blocking the highways on their public procession in Zaria, Kaduna State. The sect, however, claimed that numerous its members were killed by soldiers who stormed three of the locations with heavy military weapons. It was gathered which the troops engaged members with the sect when asleep as heavy shootings and sounds of explosions
The Nigerian Senate has answered an exclusive report exposing its prefer to illegally spend approximately N4.7 billion on exotic cars due to the President, Bukola Saraki, and 108 people. In a statement by its spokesperson, Aliyu Abdullahi, on Sunday, the top of the legislative chamber claimed the vehicles being procured were for committee assignments. The vehicles are considered unsuitable for individual Senators, Mr. Abdullahi said. They are purchased to the use on the committees.
The Senate initiated a policy of an investigative hearing to unravel allegations of abuse in the Treasury Single Account regime TSA. President Buhari had given adirective that government Ministries, Departments and Agencies should pay all revenues and monies accruing towards the Federal Government in a Federal sub Treasury Account maintained with the Central Bank of Nigeria CBN. However, federal lawmakers on December 11 at legislative proceedings, expressed fears which the private firm hired to mop
President Muhammadu Buhari has praised Malam Nasir El Rufai, the Kaduna State Governor, for utilizing the creative industry for an avenue for job creation. The president, who declared open the Kaduna Music Festival, also formally expressed his gratitude and that on the APC with the tremendous contributions artistes made for the party s victory. He commended the Kaduna State Government for organizing KADAMFEST being a platform to acknowledge talents as well as encourage the emergence of
Scott Disick now knows about Kourtney Kardashian and Justin Biebers hookup, and may EXCLUSIVELY reveal how upset they are and why he thinks shes a complete hypocrite. Ouch! Scott Disick, 32, has become trying to challenging to win back the love of his life, Kourtney Kardashian, 36, the good news is hes got major competition. Now how the news is otherwise engaged that shes
The Gambia has become declared an Islamic republic by President Yahya Jammeh who said he planned to further distance the West African nation by reviewing the colonial past, UK Guardian reports. The tiny, formerly secular country joins the ranks of other officially Islamic republics like Iran and Afghanistan. In line together with the countrys religious identity and values I proclaim Gambia for an Islamic state. As Muslims will be the majority within the country, Gambia
FORMER Deputy National Chairman of Peoples Demcoratic Party, PDP, Chief Olabode George, has denied collecting N100 million from former Minister of Finance State, Mr Bashir Yuguda, saying it's another blatant falsehood, stripped from a iota of truth. George, that is also the Atona Oodua of Yorubaland, described the claim as mischievous and deliberately fraudulent. The PDP leader, within a statement said: My attention has
Last year, the Central Bank of Nigeria issued a brand new hundred-naira note to commemorate the union, in 1914, in the predominantly Muslim North along with the predominantly Christian South. The redesigned bill carries a digital code that smartphone users can scan to determine a timeline of currency used within the region, set against images of cowrie shells, that have been used
Ongoing investigations into how 2.1bn meant for your procurement of arms was squandered may lead towards the premature exit of Central Bank of Nigeria CBN Governor, Mr. Godwin Emefiele. A source inside presidencysaid that circumstances that surrounded the appointment of Emefiele, including recent revelations about movement on the funds, and his awesome involvement within the unexplained presence of two former heads of business banks, when President Buhari hosted members in the international world of business in
The Gambia has become declared an Islamic republic by President Yahya Jammeh who said he planned to further distance the West African nation by reviewing the colonial past. The tiny, formerly secular country joins the ranks of other officially Islamic republics including Iran and Afghanistan. In line with all the countrys religious identity and values I proclaim Gambia being an Islamic state. As Muslims will be the majority inside country, Gambia do not want to
President Muhammadu Buhari has hailed Nigerias Under-23 team for defeating Algeria from the finals from the Under-23 Africa Nations championship on Saturday. In a press statement issued with the Senior Special Assistant on Media and Publicity, Malam Garba Shehu President Buhari stated how the players working hard gave them victory. Noting so it would be new that Nigeria attained such soccer glory from the particular category, the president commended the Nigerian sides for
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Copyright 2014 Complete PDF Library, All trademarks would be the property with the respective trademark owners.
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