THE ROLE OF CENTRAL BANK OF NIGERIA IN THE DEVELOPMENT OF NIGERIA FINANCIAL SYSTEM

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THE ROLE OF CENTRAL BANK OF NIGERIA IN THE DEVELOPMENT OF NIGERIA FINANCIAL SYSTEM

CHAPTER ONE

INTRODUCTION

1.1 BACKGROUND OF THE STUDY

The background to the establishment of the Central Bank of Nigeria (CBN) lies in the characteristics and deficiencies of the monetary system, which preceded it. This was the currency board system. The West Africa current Board (WACB) was established in November 1912 following the recommendation of the Emott committee. And because of the deficiencies and demerits of the board there was an urgent need for the established of an institution in the nature of the a Central Bank of Nigeria (CBN). The nationalists mounted pressure on the colonial government and as a result, the patron commission, was set up by the colonial government in 1952. And upon the report of the commission, the first banking legislation in Nigeria was passed in 1952 known as the Banking Ordinance 1952.

The motion for the establishment of Central Bank of Nigeria (CBN) was defeated initially but the call could not be totally ignored. Thus Mr. J. L. Fisher of the Bank of England, 1953 to inquire into the desirability and practicability of establishing a Central Bank of Nigeria (CBN and his report was not feasible to established a Central Bank. Meanwhile as Mr. Fisher was reporting the world mission visited Nigeria in 1953. They also examined the desirability and practicability of establishing a Central Bank of Nigeria (CBN. But recommended the establishment of a state bank. However, in 1957, Nigeria gained an internal autonomy backed by the report of the world bank mission on the subject, the federation government appointed a commission headed by the Mr. J. B. Loynes, again of the Bank of England in 1957, to make recommendations in the establishment of Central Bank of Nigeria (CBN), the introduction of Nigeria currency and other associated matters. It recommendation culminated in the establishment of CBN on march, 17th, 1958 by the Central Bank of Nigeria (CBN ordinance of the year. The bank came into existence and started operation fully on 1st July, 1959, thus anticipating the date of October 1st, 1960. Today Nigeria has

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