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About CBN

CBN Departments

1. Banking Operations Department
2. Currency and Branches Operations Department
3. Finance Department
4. Foreign Operations Department.

This directorate is responsible for some of the main functions of the Bank. Issuance of legal tender currency (notes and coins), provision of full banking services. The directorate also handles both receipt and disbursement of foreign currency of the governments of Nigeria. Financial transactions of the Bank to both its internal and external customers.

Departments under this directorate are:-

1. Banking Operations
   Banking Operations Department is one of the oldest Departments of the CBN and is saddled with the responsibility of implementing some of the key mandates of the Bank in the areas of:

   • Executing monetary policy through effective management of banking system liquidity.
   • Management of domestic debt in collaboration with DMO
   • Oversight of the nation’s payment system to ensure effective and efficient clearing, settlement and payments system.
   • Providing banking services to Government and the deposit money banks.

   

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2. Currency & Branches
   Currency and Branch Operations Department is a new department created from the former Currency Operations Department and Branch Operations Department. The new Department has two principal mandates: Issuance and management of legal tender currency, and to uphold the Bank's clean notes policy. Coordinating and monitoring the activities of the CBN Branches and Currency Centres nationwide. The core functions of the Department are as follows: To issue legal tender currency in Nigeria and ensure its availability through efficient distribution, storage and processing, in order to satisfy the needs of the economy. To monitor Currency in Circulation as a component of the money stock. To facilitate efficient and effective inter-branch financial transactions with a view to creating excellent financial information and ensuring accountability. To ensure efficient transfer of deposit money banks' daily balances from the Branches to their Head Office accounts with a view to improving the payments system and facilitating monetary management. To ensure operational and administrative compliance of set standards by Branches and Currency Centres
    

   

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3. Finance
   What is known today as Finance Department started in 1968 when it was carved out of the then Domestic Operations Department as "Financial system & Control". Ever since, the department remained one of the essential service departments of the Central Bank of Nigeria providing reliable, efficient and effective services to the Bank and other stakeholders. The department also facilitates informed decision making by providing accurate and timely financial and management reports.

   Presently the department operates with 2 Divisions (Payments and Central Accounts & Budget) as well as a unit in Lagos which serves the Bank's operations in that location.

   The objective of establishing the department was to provide financial and management accounting services which it does through the following core functions:

   • Providing timely financial information to management.
   • Providing efficient quality service to customers (employees, external suppliers, Governments and their Agencies).
   • Ensuring efficient financial planning, implementation and controls through effective budget processes.
   • Maintaining accurate books of accounts and the Bank's Asset register.
   • Preparing the Bank's financial statements (monthly and at year-end).
   • Management and accounting of Funds maintained by the Bank (i.e. Pension Fund, Insurance Funds and Housing Loan Revolving Fund).

   

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4. Foreign Operations
   Foreign Operations Department is saddled with the responsibility of providing international payment and receipt services both to the public sector and private sector (through commercial banks) as well as managing the country's foreign reserves in order to preserve the value of the national currency.

   The Department has three principal mandates:

   • Management of Nigeria's external reserves
   • Foreign exchange receipts and payments to our customers
   • Serves as a strategic link between the Bank and the international banks.

   The core functions of the Department are as follows:

   • The Department is responsible for the management of external reserves through the formulation of appropriate investment Strategy, Policy and Guidelines, thereby ensuring the most efficient and effective investment operations in support of safety, liquidity and returns on the reserves.
   • The Department also receives foreign exchange inflows and make payments on behalf of Government for imports, debt servicing and other international obligations. It also provides foreign exchange to the private sector (through commercial banks and Bureau De Change) for import of goods and services.

   

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   See departments under other directorates:

   • Economic Policy Directorate
   • Financial Services Surveillance Directorate
   • Governors Office
   • Corporate Services Directorate

Please Note that the CBN does not have any other departments outside the country or at any other location besides those listed on this website, If you have received any form of correspondence naming a CBN department that is not on this list please see our 419 disclaimer.