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The History Of Central Bank Of Nigeria
History of Nigerian Currency
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The History Of Central Bank Of Nigeria
The period 1892 - 1952, there was an enquiry by the then colonial administration to investigate banking practice in Nigeria. The G. D. Paton Report which emanated from the enquiry was the basis for the first Banking Ordinance of 1952. The ordinance was designed to ensure orderly commercial banking and to prevent the establishment of unviable banks. A draft legislation for the establishment of Central Bank of Nigeria was presented to the House of Representatives in March, 1958. The Act was fully implemented on 1 July, 1959 when the Central Bank of Nigeria came into full operations. Read more
The West African Currency Board was responsible for issuing currency notes in Nigeria from 1912 to 1959. Prior to the establishment of the West African Currency Board, Nigeria had used various forms of money including cowries and manilas.
BANK OF INDUSTRY
The Bank of Industry Limited (BOI) is Nigeria’s oldest, largest and most successful development financing institution. It was reconstructed in 2001 out of the Nigerian Industrial Development Bank (NIDB) Limited, which was incorporated in 1964. The bank took off in 1964 with an authorized share capital of 2 million (GBP). Read more
Commercial Banks
On 1st July, 1959 the Central Bank of Nigeria issued the Nigerian currency notes and coins and the West African Currency Board notes and coins were withdrawn. It was not until 1st July, 1962 that legal tender status was changed to reflect the country’s new status. The notes were again changed in 1968 as a war strategy following the misuse of the country’s currency notes. Read more
NIGERIA EXPORT - IMPORT BANK
The Nigerian Export-Import Bank (NEXIM) was established by Act 38 of 1991 as an Export Credit Agency (ECA) with a share capital of N50, 000,000,000 (Fifty Billion Naira) held equally by the Federal Ministry of Finance incorporated and the Central Bank of Nigeria. NEXIM lends money directly to Nigerian exporters to fund their purchase of capital goods, raw materials, packaging materials, spare parts through their Direct Loans facility. Read more
NIGERIA EXPORT - IMPORT BANK
The Nigerian Export-Import Bank (NEXIM) was established by Act 38 of 1991 as an Export Credit Agency (ECA) with a share capital of N50, 000,000,000 (Fifty Billion Naira) held equally by the Federal Ministry of Finance incorporated and the Central Bank of Nigeria. NEXIM lends money directly to Nigerian exporters to fund their purchase of capital goods, raw materials, packaging materials, spare parts through their Direct Loans facility. Read more
Bank Of Agriculture
Bank of Agriculture Limited is the nation’s foremost agricultural and rural development finance institution. It was incorporated in 1972 as Nigerian Agricultural Bank (NAB), in 1978, the name was changed to Nigerian Agricultural and Co-operative Bank Limited (NACB) to reflect the inclusion of co-operative financing into its broader mandate. Read more BANK OF INDUSTRY
The Bank of Industry Limited (BOI) is Nigeria’s oldest, largest and most successful development financing institution. It was reconstructed in 2001 out of the Nigerian Industrial Development Bank (NIDB) Limited, which was incorporated in 1964. The bank took off in 1964 with an authorized share capital of 2 million (GBP). Read more
Commercial Banks
There are 21 functional commercial banks in Nigeria as listed below. Read more
Micro Finance Banks
Micro Finance Banks
There are 942 Micro Finance Banks operating in Nigeria. The list is as shown below: Read more
Non-Interest banking
This is commonly called Islamic banking. It is an alternative form of banking contrary to the well-known conventional banking. Read more
Bureau De Change In Nigeria
Bureau de change is a financial institution where one can exchange one currency to another. For example United States dollar to Nigeria Naira.
The Senate of the federal republic of Nigeria has expressed great concern over the widespread usage of Bit-coin, a form of Crypto-currency and other ponzi schemes across the country. This was consequent upon a motion moved by Senator Benjamin Uwaiumogu (Imo North), who expressed concern that Nigerians were freely advised, and even persuaded to invest in crypto-currency as it promised quick returns, in certain instances, a triple or quadruple of the invested sum as profit within days. Read more
CBN bars banks with huge bad loans from paying dividends
The Central Bank of Nigeria has stopped the payment of dividends to shareholders by Deposit Money Banks and discount houses with huge bad loans and low capital base.This is due to the rising non-performing loans and the need to stop further erosion of the capital base of the banks and discount houses. Read more