Central Bank of Nigeria: Functions and other details

The Central Bank of Nigeria (CBN) was established in 1958 but commenced operations in July 1959. CBN is the apex bank in Nigeria responsible for regulating banks in Nigeria as stated in the CBN Act of 1958. CBN is charged with

  • maintaining the external reserves of the country
  • promoting monetary stability
  • promoting a financially sound environment, and
  • act as a banker of last resort and financial adviser to the federal government.

What are the functions of CBN

The Central Bank of Nigeria since it’s establishment in 1958’is charged with the following functions

  1. CBN issues and distributes currency in Nigeria
  2. CBN is the banker of other banks thus provides monetary guidelines for other banks in Nigeria.
  3. CBN serves as a banker to various government institutions
  4. CBN manages domestic and external debts
  5. CBN initiates effective monetary policy ensures stable development of prices in Nigeria
  6. Foreign exchange management
  7. CBN promotes financial management growth
  8. CBN is the judge between Nigerian banks and her customers
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CBN Governor till date

The office of the CBN Governor is on appointment by the President. Here are a list of CBN Governors till date


Term start

Term end

Roy Pentelow Fenton

24 July 1958

24 July 1963

Aliyu Mai-Bornu

25 July 1963

22 June 1967

Clement Nyong Isong

15 August 1967

22 September 1975

Adamu Ciroma

24 September 1975

28 June 1977

Ola Vincent

28 June 1977

28 June 1982

Abdulkadir Ahmed

28 June 1982

30 September 1993

Paul Agbai Ogwuma

1 October 1993

29 May 1999

Joseph Oladele Sanusi

29 May 1999

29 May 2004

Charles Chukwuma Soludo

29 May 2004

29 May 2009

Sanusi Lamido Aminu Sanusi

3 June 2009

20 February 2014

Sarah Alade

20 February 2014

3 June 2014

Godwin Emefiele

3 June 2014

to date

Full list of CBN branches in Nigeria

For effective running of operations, CBN has its branch offices across the country. The CBN Headquarters is located in Abuja. Here are a list of CBN branches in Nigeria

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BranchAddress State
Abuja Headquarters Zaria Street, Garki II, Nigeria – P.M.B. 0187, Garki, AbujaAbuja 
Abakiliki BranchNo. 1 Nwene Street, Off Ezza Road, Abakiliki, Ebonyi Ebonyi 
Abeokuta Ibrahim Babangida Boulevard, Abeokuta, Nigeria – P.M.B. 2217, AbeokutaOgun
Ado-EkitiSecretariat road, Ado-Ekiti, Nigeria – P.M.B. 5458Ekiti
AkureOld Secretariat Road, Nigeria – P.M.B. 805, AkureOndo
AsabaAlong Benin_Onitsha Expressway, Asaba.Delta
Awka37, Azikiwe Avenue, Awka, Anambra Anambra 
Bauchi Off Ahmedu Bello Way, Nigeria – P.M.B. 0159, BauchiBauchi 
Benin1, Akpakpava Road, Nigeria – P.M.B. 1120, Benin CityEdo
Birnin KebbiSultan Abubakar road, Birnin Kebbi, NigeriaKebbi
Calabar8, Calabar Road, Nigeria – P.M.B. 1029, CalabarCross River
Damaturu2 GRA Road,behide Central Mosque,Damaturu, Nigeria Yobe
DutseSanni Abacha Way, Dutse, Nigeria – PMB 7155, DutseJigawa
Enugu 3, Garden Avenue, Nigeria – P.M.B. 1039, EnuguEnugu 
MarkurdiShitu Alao Road, Nigeria – P.M.B. 102368, MarkurdiBenue
GombeOff Shehu Abubakar Road Opposite Deputy Governors , NigeriaGombe
GusauJ.B.Yakubu St.Opposite Access Bank,Gusau, Nigeria –Zamfara 
IbadanOba Adebimpe Road, Nigeria – P.M.B. 5281, IbadanOyo
Ilorin 1, Sulu Gambari Road, Nigeria – P.M.B. 1365, IlorinKwara
JalingoBarde Way,Opposite PHCN Office, Jalingo, NigeriaTaraba 
Jos4, Noad Avenue, Nigeria – P.M.B. 2080, JosPlateau
Kaduna 1A Yakubu Gowon Way, Nigeria – P.M.B. 2126, KadunaKaduna
Katsina WTC Road, Katsina, Nigeria – P.M.B. 2151, KatsinaKatsina 
Kano4A, Lagos Street, Nigeria – P.M.B. 3025, KanoKano
LagosTinubu Sqare, Nigeria – P.M.B. 12194, LagosLagos
Lafia Shendam Road, Lafia, NigeriaNasarawa 
Lokoja Goverment House Road, Opposite Government House Lokoja, Kogi Kogi
Maiduguri 3, Kirikasama Road, Nigeria – P.M.B. 1177, MaiduguriBorno
MinnaPaiko Road, Minna, Nigeria., Nigeria – P.M.B. 15, MinnaNiger
OsogboPlot 4 Gbogon Road, Osun GRA, Oshogbo. , NigeriaOsun
OwerriNew Okigwe Road, Nigeria – P.M.B. 1520, OwerriImo
Port Harcourt 2 Bank Road, Nigeria – P.M.B. 5134 Port HarcourtRivers
SokotoGusau Road, Nigeria – P.M.B. 2393, SokotoSokoto
UmuahiaCommissioners Quarters, Umuahia. , NigeriaAbia
UyoPlot 13 & 14 Abak Road, Nigeria – P.M.B. 1218, UyoAkwa Ibom
Yenegoa21 Osiri road, Ekeki YenegoaBayelsa 
YolaCBN Galadima Aminu Road, Nigeria – P.M.B. 2121, YolaAdamawa

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