Somtochukwu

Some of the functions of the Central Bank of Nigeria (CBN) are;

1. They are regulators of currency; that is, it has the monopoly of note issue to commercial banks to ensure uniformity in the notes issued to facilitate exchange and trade within the country.
2. They act as a banker, fiscal agent and adviser to the government.
3. They act as a custodian of cash reserves of commercial banks.
4. They take custody and management if Foreign Exchange Reserve.
5. The CBN is the lender of last resort.
6. They act as a cleaning house for transfer and settlement.
7. The Central Bank of Nigeria acts as the controller of credit.
8. They approve the appointment of Chairman and Directors of other banks in accordance with the rules and qualifications.
9. They control and recommend merger of weak banks in order to avoid their failures and to protect the interest of depositors.
10. They publish periodical report relating to different aspects of monetary and economic policies for the benefit of banks and the public.
11. They engage in research and the training of banking personnel’s.

Let us connect on social media forever;

• 
• 
• 
• 
• 
• 
•