Biography of central bank of nigeria governorship

Consequently, the bank is charged with the responsibility of administering the Banks and Other Financial Institutions BOFI Act as amended, with the sole aim of ensuring high standards of banking practice and financial stability through its surveillance activities, as well as the promotion of an efficient payment system. In addition to its core functions, CBN has, over the years, performed some major developmental functions, focused on all the key sectors of the Nigerian economy financial, agricultural, and industrial sectors.

Overall, these mandates are carried out by the bank through its various departments. He was the first governor of the Central Bank of Nigeria. Roy Pentelow Fenton was from Britain. He occupied the position for five years. He was the first Nigerian governor of the Central Bank of Nigeria. The former governor was an indigene of Adamawa State. In his effort to restore confidence and clean up the financial system of the country, Ogwuma liquidated 20 distressed banks; he created improved security for both investors and depositors; he vied for the creation of the Nigeria Automated Clearing System NACS for clearing of cheques between banks.

The case was later tried and he was freed from all accusations. He was later found to be involved in the looting carried out by Sani Abacha during his regime, as Ogwuma authorized money transfers for the funding of fake security projects initiated by the then Head of State. There is no information on his current state and what he moved on to.

He also worked at the First Bank of Nigeria. His appointment as the Governor of CBN came in by President Olusegun Obasanjo and he served until his voluntary retirement in During his tenure, Oladele introduced foreign exchange controls to reduce the draining of foreign reserves. He revoked the license of Savannah Bank in because it did not comply with CBN obligations and did not have enough assets and liabilities.

His reason for doing this was to control inflation as oil prices dropped. After his retirement, Sanusi was appointed by Lafarge Cement Wapco as a member of the board of directors. He served from 29th May to 29th May While he was in office, he made many policies and efforts that affected the economy of Nigeria.

Biography of central bank of nigeria governorship

Soludo made some financial sector reforms, one of which includes the merging and consolidation of 89 banks to 25 with a stronger capital base. Following his retirement from office, he ventured into politics. Soludo is the current Governor of Anambra State. He came into power during the global financial crisis. His other contributions include consolidation of banks through merging and acquisitions, he led the increase in investment in infrastructure and support for Small Medium Enterprise, introduced extensive banking reform called Sanusi Tsunami, he also introduced the cashless policy and Islamic Banking to Nigeria.

The CBN intended to curb these vices and create a more structured financial system. During his tenure as Governor, Fenton focused on several significant assignments. His work was designed to make sure that there was no way the CBN would become an impediment to the economic advancement and the stability of Nigeria. It was during this period that the Central Bank began the issuance of currency, control of banking operations, and operation of a forex system which laid the foundation to the growth of the economy.

The CBN advises the federal government on banking and financial matters. It provides data and policy recommendations to support government economic planning and decision making. The CBN promotes access to financial services for underserved segments of the population. It drives initiatives to bring more people into the formal financial system.

The CBN publishes reports on key economic indicators like inflation, interest and exchange rates. It provides data and statistics for the government, businesses and the public. The CBN finances and supports programs and projects that drive economic growth and development. It provides funding for agriculture, infrastructure, education, health, and other sectors.

It has made progress but still faces significant challenges to fulfill its mandate. At the top is the Board of Directors, comprised of a Governor, four Deputy Governors and five non-executive members. The Governor, who is the chairman of the board, is responsible for the day-to-day administration and operations of the CBN. The Deputy Governors assist the Governor in overseeing core central banking functions like banking supervision, financial system stability and operations.

There are Twenty Seven Departments in the Central Bank of Nigeria grouped in order of related performance and job descriptions. Some of the major departments include:. The CBN also has several branches across all 36 states to carry out its operations nationwide. With this well-structured organization manned by qualified professionals, the CBN is poised to achieve its objectives of ensuring monetary and price stability that fosters economic development.

CBN also has branches across all 36 states in Nigeria.