Central Bank of Nigeria (Establishment) Act, 2007 🇳🇬

Nigeria 2 Citing Cases

Central Bank of Nigeria (Establishment) Act, 2007

Commenced on 25 May 2007
[This is the version of this document at 31 December 2002.]

An Act to repeal the Central Bank of Nigeria Act 1991 and to establish the Central Bank of Nigeria Act; and for related matters.

ENACTED by the National Assembly of the Federal Republic of Nigeria.

1. Establishment of the Central Bank of Nigeria

(1)There is established for Nigeria a body known as the Central Bank of Nigeria (hereafter in this Act referred to as "the Bank").

(2)The Bank shall be a body corporate with perpetual succession and a common seal and may sue and be sued in its corporate name.

(3)In order to facilitate the achievement of its mandate under this Act and the Banks and Other Financial Institutions Act, and in line with the objective of promoting stability and continuity in economic management, the Bank shall be an independent body in the discharge of its functions.

(4)Subject to the limitations in this Act, the Bank may acquire, hold and dis…

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