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HISTORY Many years ago, People found it very difficult to cooperate and exchange their goods for money. For the fact that there was no money in existence, trade was a difficult task for people. A means of exchange that is known as trade by batter was the only means people could cooperate and meet to their demands. This means of exchange is not favorable to buyers and sellers. Various problems like cheating, lack of utility etc. Because of these various problems, a means of money was created. People used various acceptable things as a means of exchange. Currently, people use paper money, coins, bank draft, credit cards, and cheque as a means of exchange. Central Bank of Nigeria is responsible for the creation of money within the country. However, this banking system came into existence and was established by the CBN Act of 1958 and commenced operations on July 1st, 1959. Brief History of the Central bank of Nigeria retrieved March 25, 2006,from http://www.nigeriabusinessinfo.com/cbn.htm Objectives The standard objectives of the bank as fixed in the CBN Act of 1958 are, the issuances of legal tender currency in Nigeria, to maintain the external reserve and value of the legal tender so as to safeguard the international value of the country, to promote monetary stability and a sound financial system, they serve as the banker and financial adviser to the Federal Government, bankers to other banks within Nigeria and abroad. THE 1997 AMENDMENTS Central Bank Act, 1958 and the banking decree 1969 as amended, constituted the legal framework within the CBN operations of the banks. The 1997 amendments brought the CBN back under the supervision of the finance. The decree made CBN directly responsible to the Minister of respect to the supervision and control of bank and other financial institutions extending the supervisory role of the bank to other specialized banks institutions. The amendment placed a huge power on the Ministry of leaving the CBN with a dominated role in the monitoring of the financial in little room for the bank to exercise discretionary powers. The current legal framework within which the CBN functions is the CBN decree No. 37 of 1998 that abolished the CBN amended No. 3 decree which provides a measure of operational autonomy for the CBN to carry out its function and improve its flexibility. The CBN has also taken responsibility for nurturing the money and capital furtherance of this, the CBN introduced treasury bills in 1960, the treasury certified and assisted the organization of Lagos Stock Exchange in 1961 and the committee now known as the Security and Exchange committee in the early 1950’s. History of CBN,The 1997 Amendments retrieved March 27, 2006,from http://www.cenbank.org/aboutus/centralbankofnigeria.htm BRANCHES OF CBN Central Bank of Nigeria is sited in various places within the country. The branches are Abuja, Lagos, Porthacourt, Calaba, Katsina etc.Merger of CBN Zonal Offices with Branches. Retrieved March 24, 2006, from http://www.cenbank.org/aboutus/cbnbranch.asp THE BOARD OF DIRECTORS The Board of Directors of Central Bank of Nigeria is, Professor Charles C.Soludo-Governor of CBN/chairman of Board of directors, Dr Shamsuddeen Usman- Deputy Governor-Operation/Board Member. Etc. Furthermore, the life history of Professor Charles C Soludo is a positive story that demands the attention of all ears. He studied Economics at the University of Nigeria, Nsukka. He graduated with a first Class Honors degree (1984). Professor Soludo had collective four years of post-doctoral training in some most impressive institutions, including the Brookings institution, Western University of Oxford as Rhodes Scholar, University of Cambridge etc. In addition, he is currently a Member of the International Advisory UK-DFID.About CBN (The Board of Directors of the Bank) Retrieved March 23, 2006, from http://www.cenbank.org/aboutus/BOARDOFD.HTM PROBLEMS OF CBN The Central Bank of Nigeria has a lot of problem in their financial sectors. These problems can be verified as their inability to guide against immoral actions of commercial banks in the areas of money laundering, inter bank forex exchange, fraud etc, their inability to cut back the current rising inflationary rate in the country, their lack of effective regulatory measures has led to high lending rates imposed by commercial bank on their customers, it also lacks the capacity to effectively execute Government economic policies, and their inability to monitor the skyrocketing foreign exchange rate in the country. Brief History of the Central bank of Nigeria retrieved March 25, 2006,from http://www.nigeriabusinessinfo.com/cbn.htm VISION, ACHIEVEMENT AND MISSION OF CBN The vision, achievement and mission of Central Bank of Nigeria is the level of independence since the advent of the democratic dispensation in Nigeria, this is reflected in her aggressive execution of Government economic policies in the areas of orientating the Nigeria populace to embrace the saving culture. They also have increased their capital base and have instituted the inter-bank foreign exchange market to check capital flight and to regulate foreign exchange rates. In conclusion, the problems of CBN has been a big issue. These problems are negative influences towards Nigeria and its bodies. The President of Nigeria and the state governments have contributed essentially towards the success of CBN. However, Security appliances have being installed for the safety of bank. There have being cases of robbery and theft in CBN, due to this predicaments, security guards are assigned in several angles of CBN. Report states that though CBN has some problems it likewise has many good qualities. These good qualities are what Central Bank of Nigeria is known for. They meet to the demands of customers and due to this, commercial banks, and various business sectors stick to them in other to derive satisfaction. In addition, Professor Soludo has being of a great help towards the success of Central Bank of Nigeria. However, he contributed towards solving the problems that affected CBN. Brief History of the Central bank of Nigeria retrieved March 25, 2006,from http://www.nigeriabusinessinfo.com/cbn.htm WORKS CITED |
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