The Central Bank of Nigeria (CBN) Act of 2007 of
the Federal Republic of Nigeria charges the Bank with the overall control and
administration of the monetary and financial sector policies of the Federal
Government with a objective of ensuring monetary and price stability; Issuance
of legal tender currency in Nigeria, maintaining external reserves to safeguard
the international value of the legal tender currency, promote a sound financial
system in Nigeria; and act as Banker and provide economic and financial advice
to the Federal Government. Consequently, the bank is charged with the
responsibility of administering the Banks and Other Financial Institutions
(BOFI) Act (1991) as amended, with the sole aim of ensuring high standards of
banking practice and financial stability through its surveillance activities,
as well as the promotion of an efficient payment system.