Central Bank of Nigeria: Functions and other details

Functions of CBN

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

CBN Governor till date

CBN Governors and Logo

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

CBN Branches and Offices 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

Branch Address  State
Abuja Headquarters  Zaria Street, Garki II, Nigeria – P.M.B. 0187, Garki, Abuja Abuja 
Abakiliki Branch No. 1 Nwene Street, Off Ezza Road, Abakiliki, Ebonyi  Ebonyi 
Abeokuta  Ibrahim Babangida Boulevard, Abeokuta, Nigeria – P.M.B. 2217, Abeokuta Ogun
Ado-Ekiti Secretariat road, Ado-Ekiti, Nigeria – P.M.B. 5458 Ekiti
Akure Old Secretariat Road, Nigeria – P.M.B. 805, Akure Ondo
Asaba Along Benin_Onitsha Expressway, Asaba. Delta
Awka 37, Azikiwe Avenue, Awka, Anambra  Anambra 
Bauchi  Off Ahmedu Bello Way, Nigeria – P.M.B. 0159, Bauchi Bauchi 
Benin 1, Akpakpava Road, Nigeria – P.M.B. 1120, Benin City Edo
Birnin Kebbi Sultan Abubakar road, Birnin Kebbi, Nigeria Kebbi
Calabar 8, Calabar Road, Nigeria – P.M.B. 1029, Calabar Cross River
Damaturu 2 GRA Road,behide Central Mosque,Damaturu, Nigeria  Yobe
Dutse Sanni Abacha Way, Dutse, Nigeria – PMB 7155, Dutse Jigawa
Enugu  3, Garden Avenue, Nigeria – P.M.B. 1039, Enugu Enugu 
Markurdi Shitu Alao Road, Nigeria – P.M.B. 102368, Markurdi Benue
Gombe Off Shehu Abubakar Road Opposite Deputy Governors , Nigeria Gombe
Gusau J.B.Yakubu St.Opposite Access Bank,Gusau, Nigeria – Zamfara 
Ibadan Oba Adebimpe Road, Nigeria – P.M.B. 5281, Ibadan Oyo
Ilorin  1, Sulu Gambari Road, Nigeria – P.M.B. 1365, Ilorin Kwara
Jalingo Barde Way,Opposite PHCN Office, Jalingo, Nigeria Taraba 
Jos 4, Noad Avenue, Nigeria – P.M.B. 2080, Jos Plateau
Kaduna  1A Yakubu Gowon Way, Nigeria – P.M.B. 2126, Kaduna Kaduna
Katsina  WTC Road, Katsina, Nigeria – P.M.B. 2151, Katsina Katsina 
Kano 4A, Lagos Street, Nigeria – P.M.B. 3025, Kano Kano
Lagos Tinubu Sqare, Nigeria – P.M.B. 12194, Lagos Lagos
Lafia  Shendam Road, Lafia, Nigeria Nasarawa 
Lokoja  Goverment House Road, Opposite Government House Lokoja, Kogi  Kogi
Maiduguri  3, Kirikasama Road, Nigeria – P.M.B. 1177, Maiduguri Borno
Minna Paiko Road, Minna, Nigeria., Nigeria – P.M.B. 15, Minna Niger
Osogbo Plot 4 Gbogon Road, Osun GRA, Oshogbo. , Nigeria Osun
Owerri New Okigwe Road, Nigeria – P.M.B. 1520, Owerri Imo
Port Harcourt  2 Bank Road, Nigeria – P.M.B. 5134 Port Harcourt Rivers
Sokoto Gusau Road, Nigeria – P.M.B. 2393, Sokoto Sokoto
Umuahia Commissioners Quarters, Umuahia. , Nigeria Abia
Uyo Plot 13 & 14 Abak Road, Nigeria – P.M.B. 1218, Uyo Akwa Ibom
Yenegoa 21 Osiri road, Ekeki Yenegoa Bayelsa 
Yola CBN Galadima Aminu Road, Nigeria – P.M.B. 2121, Yola Adamawa

DISCLAIMER: The above information is sourced from various websites/media reports. The website does not guarantee a 100 per cent accuracy of the figures

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