Brief Introduction

Central Bank worldwide is simply referred to as Central monetary authority or an Apex financial institution within the entire financial institution structure promoting monetary stability and sound financial system.

Historically, prior to the establishment of the Central Bank of Nigeria, by the CBN Act of 1958, then existed a body known as the West African Currency Board (WACB) this board, which was established by the British Colonial Government was intended to serve as Central Bank for the Anglophone West African Countries. Thus, the board was charged with the responsibility of issuing the West African Pound which serves as legal tender currency in Ghana, Nigeria, Sierra-lone, and Gambia. The board was criticized on the following:

• It carried on commercial banking activities alongside other commercial banks.
• The board lacked the basic apparatus to control the supply of money.
• The board got involved in the physical distribution of currency from one point to the other.
• Its activities were considered discriminatory against indigenous West African Industrialists.
• It was not on the development of the colonies and most of its activities were based on commerce and trade.

The Central Bank of Nigeria is the apex regulatory authority of the financial system in the country. It was established by the CBN Act of 1958 and commenced operations on July 1^st, 1959. The promulgation of the CBN Decree 24 and the Banks and other financial institutions (BOFI) Decree 25 both in 1991 gave the bank more flexibility in regulation and supervision of the banking sector and licensing.

Table of Content

TITLE PAGE
CERTIFICATION
DEDICATION
ACKNOWLEDGEMENT
ABSTRACT

CHAPTER ONE
Introduction
Background of the study
Instruments used by the Central Bank of Nigeria to achieve its regulatory functions
Statement of the problem
Objectives of the study
Scope of the study
Significance of the study
Limitations of the study

CHAPTER TWO
Literature review

CHAPTER THREE
Research methodology
Method of data collection
Constraints of data collection

CHAPTER FOUR
Data presentation

CHAPTER FIVE
Summary
Conclusion
Recommendation
References