THE CENRTAL BANKING AND MONETARY REGULATION IN NIGERIA

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Bank Name: GTBank
Branch Location: Enugu State,Nigeria.
Account Name: Chi E-Concept Int’l
 Account Number:  0117780667. 
Swift Code: GTBINGLA 
Dollar conversion rate for Naira is 175 per dollar. 

ATM CARD:  YOU CAN ALSO MAKE PAYMENT USING YOUR ATM CARD OR ONLINE TRANSFER. PLEASE CONTACT YOUR BANKER SECURITY GUIDE ON HOW TO TRANSFER MONEY TO OTHER BANKS USING YOUR ATM CARD. ATM CARD OR ONLINE BANK TRANSFER IS FASTER FOR QUICK DELIVERY TO YOUR EMAIL . OUR MARKETER WILL RESPOND TO YOU ANY TIME OF THE DAY. WE SUPPORT CBN CASHLESS SOCIETY. 

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form>DELIVERY PERIOD FOR BANK PAYMENT IS  LESS THAN 2 HOURS

How to transfer from your bank account to All  Nigeria banks without internet

1. Access Bank:
—-*901#

2. EcoBank:
—-*326#

3. Fidelity Bank:
—-*770#

4. FCMB:
—-*389*214#

5. First Bank
—-*894#

6. GTB:
—-*737#

7. Heritage Bank:
—-*322*030#

8. Keystone Bank:
—-*322*082#

9. Sky Bank:
—-*389*076*1#

10. Stanbic IBTC:
—-*909#

11. Sterling Bank:
—-*822#

12. UBA:
—-*389*033*1#

13. Unity Bank:
—-*322*215#

14. Zenith Bank:
—-*966#

15. Diamond Bank
—-*710*555#

To know your BVN, dial
—-*565*0#.

E.g for First bank…   *894 *Amount *Acct. No. #

Please dail d code from d number u used to register d account from the bank

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CHAPTER ONE

 

1.0     INTRODUCTION

          The question of money is a very important question today.  This is because of the role of money in social and economics development.

Money plays a key role in this sectors and requires that its position is always under focus.

The government of any country keeps it’s eye on this sectors by using monetary policies are a weapon of control.  Monetary policies are directives, guidelines, or order issued to the player in the money markets by the government.

In Nigeria, the Central bank of Nigeria (CBN) is the highest organ used by the Federal Government to control the economy.  The CBN was established to perform this duty and to creates money to influences economics activities and achieve economics objectives of the government.  The pursuance of this objectives gives to Central Banking and Monetary regulation in Nigeria.  The CBN is the highest bank or known as the apex bank.

This position it is occupying make it possible to regulates direct and control economics activities fro both the government and private sector.  Much of government activities may lead to high spending of money which may also lead to inflation.

Inflation does a lot of damage to the economy.  It weaken the economy because it reduces the values of the currency.

It makes the cost of goods and services very high.  It affects planning and dis-encourage investment etc.

The Central bank start it function on the economy by first of all licensing the commercial bank and playing supervisory role for all other player in the money market.

This is to makes sure that he aims monetary regulation in Nigeria is ascertained.

 

 

 

1.1     BACKGROUND OF THE STUDY

The Central Bank of Nigeria (CBN).  The Institution that perform the Central Banking function for Nigeria is called Central Banking of Nigeria.  In this section, I shall briefly discuss the background to it’s establishment, it’s organizational structure, it’s operational modalities, and financial statement.

 

BACKGROUND TO THE ESTABLSHMENT OF THE CENTRAL BANK OF NIGERIA

Like the case in many countries, Commercial Banking started in Nigeria long before the Central bank was established, where as the trust commercial bank branch was established in Nigeria as far back as 1892, it was only in 1953 “6 years later” that Central bank of Nigeria was established by Central Bank of Nigeria Act of July 1959 with an authorized capital of N1.5m of which N1.25m was paid up.

Prior to the establishment of the Central bank of Nigeria, the role of a Central bank was performed by the West African Currency Board, which was established by British Government in 1912.

This body was established to perform the primary role of issuing a West African Currency in all the five countries that were British Colonies.

In the year 1952 a motion was moved in the National Assembly for the establishment of Central Bank of Nigeria.  Following the insistence of Nigeria political leader on developing of Central Bank for the country, J.L. Fisher, a financial expert of the Bank of England was appointed to investigate the desirability and practicability of instituting such Bank.  Fisher recommended, the establishment of an issuing bank.  His recommendation was rejected.

A team of World Bank carried out another investigation in the year 1955 and recommended a State Bank of Nigeria endowed with power of Modern Central Bank.  Their recommendation were not implemented.

It was the 1957 report of J.B Loynes of the Bank of England that pared way for the establishment of the Central Bank of Nigeria.  The Central Bank of Nigeria Act was passed on 15^th May, 1958.

 

          ORGANISATIONAL STRUCTURE OF THE CENTRAL BANK OF NIGERIA

1. BOARD OF DIRECTORS

It is the highest policy making organ of the Central Bank of Nigeria.  The Board is presided over by the Governor of the Central Bank of Nigeria.  The member are appointed by the presidency.

 

1. COMMITTEE OF GOVERNOR

The committee is charged with the daily administration of the Bank.  It is headed by the Governor of the Central Bank of Nigeria.

Other member of the committee are: –

DEPUTY GOVERNOR  –         Domestic Monetary and banking

Policy

DEPUTY GOVERNOR  –         General Administrations

DEPUTY GOVERNOR  –         Domestic Operations

DEPUTY GOVERNOR  –         Internal Operations

DEPUTY GOVERNOR  –         Management Services

 

1. PRINCIPAL OFFICERS OF THE BANK

The major division of the Central bank of Nigeria are headed by some principals officers of the Bank referred as to as directors.

Director of Agricultural Finance

Director of Administration

Director of Research

Director of Foreign Operations

Director of Currency Operation

Director of Banking Supervision

Director of Finance and Account

Director of Banking Operation

Director of Security Services

Director of Internal Audit

Director of Personnel

Director of International Economic Relation

Director of Trade and Exchange

Director of Building and