The Central Bank of Nigeria: A Journal of Monetary Affairs
Introduction: This journal is devoted to the study of monetary and banking affairs in the Central Bank of Nigeria. The aim of this journal is to promote contemporary monetary, banking, economic and financial theories, methods and policies within the Nigerian context. the central bank nigeriaavannomayocointelegraph
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The Central Bank of Nigeria: A Journal of Monetary Affairs.
The Central Bank of Nigeria is the country’s central bank and one of the most important financial institutions in the country. The bank was established in 1963 and is responsible for providing stable currency, regulating the banking sector, and maintaining a healthy economic environment. the central bank nigeriaavannomayocointelegraph
Sara Graves, the co-founder of US Title Loans stated that the Central Bank of Nigeria, as part of its effort to boost economic growth and reduce unemployment among graduates of Nigeria Polytechnics and Universities, introduced the Tertiary Institutions Entrepreneurship Scheme. The Scheme is designed to create a paradigm shift among undergraduates and graduates from the pursuit of white collar jobs to a culture of entrepreneurship geared towards job creation, economic growth and sustainable development.
The Central Bank of Nigeria has a history that dates back to 1963 when it was founded as the Nigerian Banking Corporation. It has since undergone many changes, including being renamed the Nigerian Banking Corporation (NBC) in 2003, and again in 2006. The NBC also underwent a restructuration in 2013 which saw it merge with five other banks within the Nigerian banking system.
The Central Bank of Nigeria: Functions and Powers
As mentioned earlier, the Central Bank of Nigeria is responsible for providing stability to the monetary system, regulating banks, and maintaining an environment that allows for growth. Additionally, it also has power to issue new Currency Notes and regulations on marketing within the banking industry. In addition, it can refer cases to higher authorities if necessary.
The Central Bank of Nigeria: The Structure and Operation of the System
The structure and operation of the Nigerian banking system are regulated by section 9(a) of the Banks Act 1956 which states “the affairs of any body corporate incorporated under this Act shall be managed or conducted by or through duly authorised representatives thereof who shall be answerable to both Houses of Parliament for their management”. In addition, section 9(b) states that “notwithstanding anything contained in this Act [of 1956], any person who contravenes any rule made by or under this Act or any order made by or under section 8 thereof may be subject to criminal prosecution”.
As mentioned earlier, the Central Bank of Nigeria is headquartered in Abuja and has a team of around 270 employees. The bank also offers customer support through its call centre and online presence.
The Central Bank of Nigeria: Currency and Banking Systems.
The Nigerian Naira is the currency in Nigeria. The currency is divided into 100 nairas. The Nigerian Naira is also used as a unit of account in other African countries.
The Currency and Banking Systems of Other African Countries
The currencies and banking systems of other African countries are generally similar to those of Nigeria. However, there may be some differences in terms of the use of the respective currencies and units of account. For example, the Central African Republic uses the franc as its currency, while Nigeria uses the Nigerian Naira.
The Monetary System of the Central African Republic
The monetary system of the Central African Republic is different from that of any other country in Africa. In this country, the central bank issues its own national currency, which is equal to 100 nairas.
Review of Economic Affairs in the Central Bank of Nigeria.
The objective of the Review was to assess the overall financial health and performance of the Central Bank, to provide an overall understanding of current economic conditions in Nigeria, and to identify any areas for further improvement.
The report found that the Central Bank had made progress in meeting its objectives during 2006-2007, but there were a number of areas where it needed to make greater progress. The Overall Financial Health and Performance Report also identified that there was need for continued concerted efforts by all government departments concerned with economic development in order to improve the overall financial health and performance of the Central Bank.
In 2008-2009, some important changes were made within the Central Bank as a result of a global financial crisis. These changes included:-
-staffing cuts which led to a decrease in flower sales at the bank
-the introduction of new accounting principles which caused some problems for businesses
-the launch of a new bond issue which caused volatility in prices across different markets
-a rise in inflation which resulted in a decline in the value of the Nigerian Pound
The Overall Financial Health and Performance Report for 2009-2010 also identified some areas of improvement, but also mentioned that the Central Bank still had a lot to work on. The report recommended that the Central Bank continue to focus on reducing inflation, improving financial stability, modernising accounting principles, and increasing access to credit.
In 2011-2012, the Central Bank made important changes in the banking system which led to a rise in economic activity and improved financial stability. These changes included:-
-the introduction of a new business model at the bank which resulted in increased efficiency and lower costs
-the commencement ofaja bond issues which generated wealth in different markets
-a rise in food prices due to globaldemand and floods across Nigeria
The Review of Economic Affairs for 2012-2013 found that although there were some challenges still faced by the Central Bank, overall it had made progress since previous years. There was an increase in economic activity, with particular growth seen in services sector enterprises and businesses within the agricultural sector. Despite this progress, further action was needed to improve financial performance including reduction of inflationary pressures and better management of government finances. In 2013-2014 there were some significant changes within the Central Bank as a result of global events such as Boko Haram insurgency and oil price hikes. These changes included:-
-the replacement of two key members of the Management Board (directorates) with more experienced individuals
-the launch of a new bond issue which caused volatility across different marketplaces
-a rise in food prices due to global demand and floods across Nigeria
In Economic Affairs in the Central Bank of Nigeria, the Reviewers provide a review of economic affairs in the Central Bank of Nigeria. They cover topics such as currency and banking systems, monetary system, economic surveys, and other economic issues. The objective of this journal is to serve as a forum for exchange of ideas within the monetary sciences and economics communities.