CENTRAL BANK OF NIGERIA (AMENDMENT) ACT, 1998
Act · Finance
Policy date: 2007-01-01
An Act amends the Central Bank of Nigeria's governance structure and monetary policy powers. It affects the bank's management and the banks it regulates. This improves the effectiveness of monetary policy in Nigeria.
CENTRAL BANK OF NIGERIA (AMENDMENT) ACT, 1998
What Is This Policy?
A 1998 amendment to the Central Bank of Nigeria Act that adjusted the CBN's governance structure, monetary policy framework, and powers at a particular point in Nigeria's economic history.
Who Does It Target?
CBN management and board Federal Ministry of Finance Commercial banks regulated by CBN Monetary policy stakeholders
What Does It Aim to Achieve?
Update the CBN's legal framework to improve monetary policy effectiveness and central bank governance during the economic reform period of the late 1990s.
Key Features
Governance Updates: Modified board composition and appointment processes for CBN leadership. Policy Powers: Adjusted CBN's monetary policy instruments and exchange rate management powers. Banking Supervision: Updated provisions on bank examination and supervision. Currency Management: Revised provisions on currency issuance and management.
Current Status
Rollout Stage: Superseded by CBN Act 2007 Coverage: Nigerian financial system Beneficiaries: Financial stability; banking sector Funding: Not applicable
How to Access
Historical reference; CBN Act 2007 now governs central banking in Nigeria Application method: Refer to the Central Bank of Nigeria Act, 2007 for current provisions.
Important Terms
This Act has been superseded by the CBN Act 2007 Provisions not inconsistent with the 2007 Act may continue to have effect for transitional purposes All current CBN regulatory actions are governed by the 2007 Act
Official Resources
Website: https://www.cbn.gov.ng Contact: Central Bank of Nigeria (CBN)
Legal Framework
The Central Bank of Nigeria (Amendment) Act 1998 is recognized under Section 315 of the 1999 Constitution as an existing law. It operated as an amendment to the CBN Act and was superseded by the CBN Act 2007. The CBN's current mandate is governed by the Central Bank of Nigeria Act 2007, which operates under the 1999 Constitution (Second Schedule — Exclusive Legislative List on currency, banking, and foreign exchange).