Central Bank of Nigeria Act of 2007
E887185
The Central Bank of Nigeria Act of 2007 is the primary legislation that defines the mandate, powers, governance structure, and operational framework of Nigeria’s central bank.
All labels observed (1)
| Label | Occurrences |
|---|---|
| Central Bank of Nigeria Act of 2007 canonical | 1 |
Statements (48)
| Predicate | Object |
|---|---|
| instanceOf |
Act of Parliament
ⓘ
banking legislation ⓘ financial regulation law ⓘ |
| aimsTo |
promote an efficient payments system in Nigeria
ⓘ
support economic policy of the Federal Government of Nigeria ⓘ |
| citation | CBN Act 2007 NERFINISHED ⓘ |
| country | Nigeria ⓘ |
| defines |
functions of the Central Bank of Nigeria
ⓘ
governance structure of the Central Bank of Nigeria ⓘ mandate of the Central Bank of Nigeria ⓘ operational framework of the Central Bank of Nigeria ⓘ powers of the Central Bank of Nigeria ⓘ |
| enactedBy | National Assembly of Nigeria NERFINISHED ⓘ |
| establishes |
Board of Directors of the Central Bank of Nigeria
NERFINISHED
ⓘ
Monetary Policy Committee of the Central Bank of Nigeria NERFINISHED ⓘ |
| governs | Central Bank of Nigeria NERFINISHED ⓘ |
| grantsPower |
act as lender of last resort to banks
ⓘ
formulate and implement monetary policy ⓘ issue banknotes and coins ⓘ manage Nigeria’s external reserves ⓘ regulate and supervise banks and other financial institutions within its mandate ⓘ |
| jurisdiction | Federal Republic of Nigeria NERFINISHED ⓘ |
| language | English ⓘ |
| legalStatus | primary legislation for the Central Bank of Nigeria ⓘ |
| objective |
act as banker and financial adviser to the Federal Government of Nigeria
ⓘ
issue legal tender currency in Nigeria ⓘ maintain external reserves ⓘ promote a sound financial system in Nigeria ⓘ |
| primaryObjective | ensure monetary and price stability ⓘ |
| providesFor |
capital structure of the Central Bank of Nigeria
ⓘ
currency management and redenomination procedures ⓘ financial reporting and auditing of the Central Bank of Nigeria ⓘ ownership structure of the Central Bank of Nigeria ⓘ relationship between the Central Bank of Nigeria and the Federal Government of Nigeria ⓘ |
| regulates |
appointment of Deputy Governors of the Central Bank of Nigeria
ⓘ
appointment of the Governor of the Central Bank of Nigeria ⓘ removal of the Governor of the Central Bank of Nigeria ⓘ tenure of the Governor of the Central Bank of Nigeria ⓘ |
| regulatoryDomain | monetary and financial system of Nigeria ⓘ |
| relatedTo | Banks and Other Financial Institutions Act NERFINISHED ⓘ |
| replaces | Central Bank of Nigeria Act of 1991 NERFINISHED ⓘ |
| sector | financial sector ⓘ |
| shortTitle | Central Bank of Nigeria Act, 2007 NERFINISHED ⓘ |
| signedBy | President of Nigeria ⓘ |
| subjectOf |
central banking
ⓘ
financial system regulation ⓘ monetary policy ⓘ |
| yearEnacted | 2007 ⓘ |
Referenced by (1)
Full triples — surface form annotated when it differs from this entity's canonical label.