Frequently Asked Questions
| What is the full impact of the new policy?? | |||||
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As a package, the new agenda will:
* better anchor inflation expectations,
* strengthen public confidence in the Naira,
* make for easier conversion to other major currencies,
* reverse tendency for currency substitution,
* eliminate higher denomination notes with lower purchasing power,
* reduce the cost of production, distribution and processing of currency,
* promote the usage of coins and thus a more efficient pricing and payments system,
* promote the availability of cleaner notes,
* deepen the Forex market,
* ensure more effective liquidity management and monetary policy,
* convertibility of the Naira and hence greater confidence in the national economy and lead to greater inflow of foreign investment
* position the Naira to become the ‘Reference currency’ in Africa. - Entered on 1/1/2007 |
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| 1. Question: Can a customer of bank write to the department and complain on an injustice done to him by the bank?? | |||||
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Yes, a customer is free to write to us and complain. If proven, the appropriate action would be taken. - Entered on 1/1/2000 |
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| A customer was denied a facility in a bank because he was reported by the CBN credit bureau as having bad credits with other banks. Is the CBN controlling the disbursement of credits by banks?? | |||||
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No. the CBN credit bureau is only a database where information on all borrowers in the financial system is collated and disseminated to banks to assist them in appraising the repayment capabilities of customers seeking new or additional credit facilities.
- Entered on 1/1/1900 |
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| After completing the On-line Registration, what is the next step?? | |||||
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The Supplier shall be advised through e-mail to pay a Processing Fee of N1000.00 at any CBN location of his choice. He/She will then submit his/her documents (copies) along with evidence of payment to the CBN location. - Entered on 1/1/1900 |
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| Apart from banks, are there other institutions in Nigeria that can be approached for SMEEIS intervention?? | |||||
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You can discuss with registered professional Fund Managers and Venture Capital Companies which are either independent institutions or subsidiaries of the banks.
- Entered on 1/1/1900 |
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| Are contributors to the BULLION paid?? | |||||
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Yes, the contributors are given honorarium for any article that is published. - Entered on 1/1/1900 |
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| Are the coins for accounting purposes or for transactions?? | |||||
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The newly introduced coins were introduced into the system to further ensure a balance in the nation's currency structure and unit of accounts as well as ease transactions in the country. - Entered on 1/1/1900 |
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| Are the members of the BULLION editorial board all members of CBN?? | |||||
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The members of the Editorial Board are all staff of CBN. - Entered on 1/1/1900 |
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| Are the processes in the branches going to be designed?? | |||||
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The re-design of the Branches falls under the PIR Project in Branch Operations department. This is currently on-going as Branch
Operations is one of the departments to be re-designed in Release 3
- Entered on 1/1/1900 |
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| Are the specifications introduced in the standard not sufficient? If so why not just introduce the standard, and not the Scheme?? | |||||
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No. The standard covers the technicalities of how cheques are to be printed. The Scheme will ensure that the printing of cheques is completed securely, and that the quality of cheques produced is to the specification required by the Nigerian Banking Industry. As part of the Scheme’s guidelines, a yearly inspection process of the printers will be initiated, to ensure that the standard of cheque printed is maintained.
- Entered on 1/1/1900 |
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| Facts : 7/25/1963 |
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| First Indigenous Governor of CBN:Alhaji Aliyu Mai Bornu was the first Nigerian Governor of the Central Bank of Nigeria from July 25, 1963 to July 31st, 1967. |
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