CBN Act

The CBN Act, or Central Bank of Nigeria Act, is a law that establishes and governs the operations of the Central Bank of Nigeria (CBN). Its main purpose is to ensure monetary stability and foster economic growth in Nigeria. The Act outlines the roles of the CBN, including issuing currency, managing foreign reserves, supervising the banking sector, and formulating monetary policy. Additionally, it aims to promote a sound financial system and safeguard the public's confidence in the currency. Overall, the CBN Act provides the legal framework for the CBN to support the nation's economy effectively.