Central Bank of Nigeria

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Brief History

Established under the Central Bank Act in March 1959, it opened on 1 July 1959. It issues legal tender, maintains external reserves and promotes monetary stability. It also acts as banker and financial adviser to the Federal Government of Nigeria, which holds all paid-up capital. Further legislation includes the Banking Act of 1962 which affected reserve structure, and Decree N°. 24 of 1991, which vested overall control and administration of the monetary and banking policies of

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