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CBN and The Community

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Capacity Building For Governmental
And Professional Institutions 

The CBN has also extended assistance to other governmental bodies/agencies in its community development efforts. Some of the institutions which have so far benefited under this scheme include the following:

  1. National Assembly
    To aid the development of sound legislative process, the CBN between 2003-2005, contributed the sum of N50m to build legislative capacity in the National Assembly through Senate Committee on Banking, Finance, and other Financial Institutions and House Committee on Banking and Currency. Also, the CBN sponsored the workshop of the House Committee on Capital Markets with the sum of N2.8m. The Bank also donated the sum of N500,000.00 to the House Committee on Housing & Urban Development.
  2. Economic and Financial Crime Commission (EFCC)
    To ensure that financial and economic crimes are reduced to the barest minimum in the country, the CBN in its support for “war against economic and financial crimes” donated the sum of N60.5m to EFCC for the purchase of Office furniture and IT equipment in 2003 while the sum of N2m was donated to the Agency for organising the National Seminar on Economic Crimes in 2005. Also the Management of the Bank sponsored 3 members of staff of the Economic and Financial Commission to attend a specialist program on Counter Fraud and Counter Corruption which held in the month of March 2007 in Reading, United Kingdom. The course was run by the Counter Fraud Service of the National Health Service, United Kingdom. It enabled them to acquire skills in intelligence gathering, investigation, fraud analysis, cyber crime, exhibit handling, witness and suspect interviews, statement writing, prosecution and media skills.
  3. Investment and Securities Tribunal (IST)
    The CBN contributed the sum of N10m to assist the Investment and Securities Tribunal (IST) in the discharge of its duties.
  4. Financial Institutions Training Centre (FITC)
    In order to enable the FITC achieve its objective of training employees of various Financial Institutions in the country, the CBN gives annual subvention to the FITC. Consequently, the CBN gave the sum of N20.5m to the FITC in 2006.
  5. Seminar for Finance Correspondents and Business Editors
    The seminar for Finance Correspondents and Business Editors is an annual event organized and sponsored by CBN as part of the Bank�s effort to improve the capacity of journalists to comprehend and adequately report on contemporary financial and economic issues and the activities of CBN.

    The 16th in the series of the seminar was held at Muna Hotels Ltd. Plot 4 Purakayo Road, Dougerei, South Annex Layout, Jimeta-Yola from 28 September to 30th September, 2011 with the theme �Non Interest Banking in Nigeria: Issues, Challenges and Prospects�. The following topics were covered: (i) Overview and Conceptual Issues of Non Interest Banking in Nigeria. (ii) The Legal and Regulatory Framework for Non Interest Banking (iii) Principles and Elements of Non Interest Banking (iv) Issues and Challenges of Non Interest Banking in Nigeria: Experiences from other Countries. (iv) The Role of Non Interest Banking in National Economic Development. (v) Sources and Applications of Funds in Non Interest Banking Regime. (vi) Non Interest Banking in Nigeria: A Media Challenge � Practitioner�s Perspective. (vii) Non Interest Banking in Nigeria: A Media Challenge � Regulator�s Perspective.

    It will be recalled that the seminar for Finance Correspondents and Business Editors was initiated in 1996 to foster a closer relationship between the Bank and the Media. It is also a platform used to facilitate better education and enlightenment of the public through capacity building of Finance Correspondents and Business Editors.
  6. Professional Institutions
    The CBN gives assistance to professional bodies such as the Nigeria Economic Society (NES), Chartered Institute of Bankers of Nigeria (CIBN), Institute of Chartered Accountants of Nigeria (ICAN), the Nigeria Bar Association (NBA), amongst others, to enable them be effective and efficient in service delivery. The Bank also sponsor its employees who are members of these professional associations to the Annual General Meetings of these bodies. A good number of CBN staff are members of these professional bodies.


Facts : 7/1/1959
POLICY MAKING ORGAN:The Board of Directors is responsibe for formulating the Monetary/Credit and Exchange rate policy proposals for the approval of the Federal Executive Council and for implementating approved policy guidelines.
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