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:-
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.
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
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).
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.
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.
Facts : 1/1/1900
NEEDS:National Economic Empowerment and Development Strategy was developed by the National Planning Commission, then headed by Prof Charles Soludo. It was endorsed by the Federal Executive Council of Nigeria as a poverty-alleviating strategy. The aim of the scheme was to meet the Millenium Developoment Goals of curbing the menace of poverty in Nigeria and bringing it to the barest minimum by the year 2015.