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PICTURES AND BRIEF PROFILES OF ALL THE CENTRAL BANK OF NIGERIA GOVERNORS AND THEIR DEPUTY, AND THE NIGERIAN CURRENCY FROM 1958 TILL DATE

ABSTRACT

This project work shows the pictures and profiles of all the central bank of Nigeria governors and their deputy, and the Nigerian currency from 1958 to date. The central bank of a country is the apex financial institution with the entire financial institution. It promotes monetary stability and a sound financial system. The Central Bank of Nigeria was established in July 1959 and went on full operation on the same day. Their functions include: issuing the legal tender, they act as a bank to the federal government, they act as a lender of last resort to other banks, and supervise other banks. Only eleven individuals who are well learned in the banking field have emerged as the governor of the Central Bank of Nigeria from 1958 to date. During their tenure, a lot of changes occurred in terms of leadership and currencies in Nigeria's economy, and the changes also brought some amendment into the banking sector.

 

TABLE OF CONTENT

TITLE PAGE

CERTIFICATION

DEDICATION

ACKNOWLEDGEMENT

ABSTRACT

TABLE OF CONTENT

CHAPTER ONE

Introduction

Background of the study

Instruments used by the Central Bank of Nigeria to achieve its regulatory functions

Statement of the problem

Objectives of the study

Scope of the study

Significance of the study

Limitations of the study

CHAPTER TWO

Literature review

CHAPTER THREE

Research methodology

Method of data collection

Constraints of data collection

CHAPTER FOUR

Data presentation

CHAPTER FIVE

Summary

Conclusion

Recommendation

References

 

CHAPTER ONE

INTRODUCTION

BACKGROUND OF THE STUDY

Central Bank worldwide simply referred to as a central monetary authority or an Apex financial institution within the entire financial institution structure promoting monetary stability and a sound financial system.

Historically, prior to the establishment of the Central Bank of Nigeria, by the CBN Act of 1958, then existed a body known as the West African Currency Board (WACB) this board, which was established by the British Colonial Government was intended to serve as Central Bank for the Anglophone West African Countries. Thus, the board was charged with the responsibility of issuing the West African Pound which serves as legal tender currency in Ghana, Nigeria, sierra-lone and Gambia. The board was criticized on the following:

  • It carried on commercial banking activities alongside other commercial banks.
  • The board lacked the basic apparatus to control the supply of money.
  • The board got involved in the physical distribution of currency from one point to the other.
  • Its activities were considered discriminatory against indigenous West African Industrialist.
  • It was not on the development of the colonies and most of its activates were based on commerce and trade.

The Central Bank of Nigeria is the Apex regulatory authority of the financial system in the country. It was established by the CBN Act of 1958 and commenced operations on july 1st 1959. The promulgation of the CBN Decree 24 and the Banks and other financial institutions (BOFI) Decree 25 both in 1991 gave the bank more flexibility in regulation and supervision of the banking sector and licensing. Finance companies with lithen to operated outside and regulatory frame work.

Those weakness led to the widespread agitation for indigenous Central Bank in the area. This was what now led the Central Bank of Nigeria (CBN).

Unfortunately, in 1997, the federal government of Nigeria enacted the Central Bank of Nigeria (Amendment Act no. 3 and BOFI (amended) Act no. 4 1997) to remove completely the limited autonomy which bank enjoyed since 1991.

The 1997 amendment brought the Central bank of Nigeria back under the supervision of the Ministry of Finance. The Act made Central Bank of Nigeria directly responsible to the Ministry of Finance with respect to supervision and control of banks and other financial institutions, while extending the supervisory role of the bank to other specialized banks and financial institutions. The amendment placed enormous powers on the Ministry of Finance while leaving the Central Bank of Nigeria with a subjugated role in the monitoring of Financial institutions with little room for the bank to exercise discretionary powers.

The Central Bank of Nigeria (Amendment) Act no. 37 of 1998 which repealed the Central Bank of Nigeria (Amended) Act no. 3 of 1997 the Act provided a measure of operational autonomy for the Central Bank of Nigeria to carry out its traditional functions which include:

  • Issuing of legal tender (currencies) Naira and Kobo.
  • Acting as banker and financial adviser to the federal government
  • Acting as banker to other banks and financial institutions.
  • Cheque clearing, lender of last resort.
  • Managing the account and debts of the country.
  • Banking supervision and examination.
  • And enhance its versatility.

The current legal framework within which the Central Bank of Nigeria operates is the Central Bank of  Nigeria Act of 2007 which repealed the Central Bank of Nigeria Act of 1991 and its amendment. The act provided that the Central Bank of Nigeria shall be fully autonomous body in the discharge of its functions under the Act and the banks and other financial institutions Act with the objective of promoting stability and continuity of economic management.

In line with this, the Act widened the objectives of the Central Bank of Nigeria to include:

  • The issuance of legal tender currency in Nigeria.
  • To maintain the external reserve and value of the legal tender in order to safeguard the international value of the currency.
  • To promote monetary stability and sound financial system.
  • Serve as banker and financial advisers to the federal government.
  • Banker to other banks within Nigeria and abroad.

The regulatory powers of the Central Bank were strengthened by the bank and other financial institutions (amendment) Act no. 38 of 1998 which repealed BOFI (amendment) no. 4 of 1997. Though the amendment, the Central Bank of Nigeria may vary or revoke any condition subject to which license was granted or may impose fresh or additional conditions to the granting of a license to transact banking business in the country. By the Act, the Central Bank of nigeria’s powers on banks specifically those relating to withdrawal of license of distressed banks and appointed of liquidators of those banks, including The Nigerian Deposit Insurance Company (NDIC) was restored.

INSTRUMENTS USED BY THE CENTRAL BANK OF NIGERIA TO ACHIEVE ITS REGULATORY FUNCTION

  • Open Market Operations
  • Interest rate
  • Cash reserve requirement
  • Special deposit
  • Discount rate/bank rate
  • Liquidity ratio
  • Moral suasion
  • Direct control

The BOFIA (Amendment) Act no. 40 of 1999 makes the provision relating to failing banks applicable to other financial institutions. It also empowered the governor of the Central Bank of Nigeria to remove any manager or officer of the failing bank or other financial institutions.

The Central Bank of Nigeria has also taken responsibility for nurturing the money and capital markets. The Central Bank of Nigeria introduced treasury bills in 1960, treasury certificate in 1968, and fercilitated the establishment of lagos stock exchange in 1961 and the capital issue committee now known as security and exchange committee in the early 1970’s.

The impact of the past governor’s of the Central Bank of Nigeria since inception cannot be overemphasized. Their impact has really brought changes in the money and financial sector of the Nigerian economy.

Therefore, this research work titled pictures an brief profiles of all the Central Bank of Nigeria governors and their deputy, and the Nigerian currency from 1958 to date shows the pictures of the past and present governors of the Central bank of Nigeria and their deputy from 1958 (the year of establishment) till date and their profile which include currencies issued during their tenure in office.

STATEMENT OF THE PROBLEM

The Central Bank of Nigeria is the Apex Bank. It is a very important bank to the nation. Most of the bankers and customers do not know the governors and deputy governors of this very important institution or bank, hence the need to go into the history of the bank and show the pictures of all those who have served one time or the other as the governor and the deputy governor of the Central Bank of Nigeria and also show their portfolio.

SCOPE OF THE STUDY

The study covers the history of the Central Bank of Nigeria, the governors and the deputies from 1958 to date. It also shows the currencies issued during their tenure.

OBJECTIVE OF THE STUDY

The objective of the study are listed below:

  • To let the bankers and the customers know the people that have served as governor and deputy governor of the Central Bank of Nigeria from the time it commenced operation.
  • To enlighten people through their portfolio.
  • To exhibit the currencies that were introduced during their tenure.

SIGNIFICANCE OF THE STUDY

This work will be utmost significant to both banking students , lecturers, professional bankers, and all those interested in current affairs in general.

LIMITATIONS OF THE STUDY

This study did not cover all the branches of the Central Bank of Nigeria and their operations. Since the study is about the principal officers of the Bank and the currencies issued, those personnel matters and currency operations are necessary head office operations, the study therefore only looked at the Central Bank of Nigeria Head Office, Akure. The time frame is also restricted to the period from 1958 to date.

 

PICTURES AND BRIEF PROFILES OF ALL THE CENTRAL BANK OF NIGERIA GOVERNORS AND THEIR DEPUTY AND THE NIGERIAN CURRENCY FROM 1958 TILL DATE

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