Central Bank of Nigeria Act, 2007

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The Central Bank of Nigeria Act, 2007 is act passed by the National Assembly of the Federal Republic of Nigeria to repeal the Central Bank of Nigeria Act, 1991, re-enact a new Central Bank of Nigeria Act, and provide for related matters. Specifically, the Act establishes the Central Bank of Nigeria for the promotion of sound financial system in Nigeria and to act as banks and provide economic and financial advice to the federal government. The Act covers the following topics:

1. Establishment of the Central Bank of Nigeria
2. Objects of the Bank
3. Head Office and Branches
4. Capital
5. Operating Surplus and General Reserve Fund
6. Establishment of the Board
7. Management of the Bank
8. Appointment, Qualification and Remuneration of Governor and Deputy Governors
9. Governors and Deputy Governors to Be Fully Devoted to the Service of the Bank
10. Appointment of Other Directors
11. Disqualification and Cessation of Appointment
12. Establishment of Monetary Policy Committee
13. Meetings of the Board
14. Appointment of Secretary to the Board and Other Employees
15. Currency of Nigeria
16. Determination of Exchange Rate of the Naira
17. Sole Right of Issuing Notes and Coins
18. Power to Print Notes and Coins to Be Legal Tender
19. Denomination and Form of Currency Notes and Coins
20. Bank’s Currency Notes and Coins to Be Legal Tender
21. Tampering with or Trading in Notes and Coins
22. Lost and Damaged Notes and Coins
23. Exemption from Stamp Duty
24. Composition of External Reserves
25. Maintenance of External Reserves
26. Power to Buy and Sell Nigerian Currency
27. Banking Operations
28. Treasury Operations
29. Credit Operations
30. Liquidity Management
31. Developmental Function
32. Incidental Powers
33. Power to Require or Share Information
34. Prohibited Activities
35. Publication of Monetary Policy Rate
36. Services to the Federal Government
37. Federal Government’s Usage of Other Banks and State Treasuries
38. Advances to Federal Government
39. Power to Act as Banker to State Governments, Etc.
40. Power to Act as Agent for Federal, State or Local Governments
41. Bankers to Other Banks
42. Co-Operation with Banks in Nigeria
43. Establishment of Financial Services Regulation Co-Ordinating Committee
44. Objectives of the Committee
45. Reserve Requirements
46. Appointment of Other Bank as Agent
47. Payment and Settlement Systems
48. Financial Year
49. Audit
50. Publication of Annual Accounts and Reports
51. Powers to Make Regulations
52. Protection Against Adverse Claims
53. Exemption of the Bank from the Payment of Tax
54. Proceedings of the Board and the Monetary Policy Committee
55. Exclusion of the Application of the Companies and Allied Matters Acts, 1990
56. Liquidation
57. Power to License and Regulate Credit Bureaux
58. Savings Cap. 192 LFN 1990

Document Details

Document Type: 
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Doument Author (Entity): 
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Issue Status: 
Year of Document: 
2007
Date of Document: 
Friday, June 1, 2007
Document Authors: 
National Assembly of the Federal Republic of Nigeria
Language (This Document): 
English

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