Central banks are financial institutions of nation-states that have responsibilities of control and manipulation of the nation’s money supply and the regulation of the commercial banking system. In Nigeria, the Central Bank of Nigeria officially commenced operation as the apex bank on July 1, 1959, backed by the CBN Act of 1958.
The headquarters of the Central Bank of Nigeria is in Abuja, while there are branches in the thirty-six (36) states of the country. The comprehensive lists of all the Central Bank of Nigeria(CBN) branches and their locations are listed below:
Abuja: Head Office Complex
- Central Bank of Nigeria, Zaria Street, Garki II, P.M.B. 0187, Cadastral Zone, Garki, Abuja, Federal Capital Territory (FCT)
Abia
- Central Bank of Nigeria, Commissioners Qtrs., Umuahia, Abia State
Adamawa
- Central Bank of Nigeria, CBN Galadima Aminu Rd., P.M.B. 2121, Yola, Adamawa State
Akwa Ibom
- Central Bank of Nigeria, Banking Layout, Udo Udoma Avenue, Uyo, Akwa Ibom State
Anambra
- Central Bank of Nigeria, No. 37, Azikiwe Avenue, Awka, Anambra State
Bauchi
- Central Bank of Nigeria, Off Ahmedu Bello Way, P.M.B. 0159, Bauchi, Bauchi State
Bayelsa
- Central Bank of Nigeria, No. 21, Osiri Road, Eketi, Yenegoa, Bayelsa State
Benue
- Central Bank of Nigeria, Shittu Alao Road, P.M.B 102368, Makurdi, Benue State
Borno
- Central Bank of Nigeria, No. 3, Kirikasama Road, P.M.B. 1177, Maiduguri, Borno State
Cross River
- Central Bank of Nigeria, No. 8, Calabar Road, P.M.B. 1029, Calabar, Cross River
Delta
- Central Bank of Nigeria, Mariam Babaginda Rd., Central Area 320108, Asaba, Delta State
Ebonyi
- Central Bank of Nigeria, No. 1, Nwene Street, Off Ezza Road, Abakiliki, Ebonyi State
Edo
- Central Bank of Nigeria, No. 1, Akpakpava Road, Aubiama, Benin City, Edo State
Ekiti
- Central Bank of Nigeria, Secretariat Road, P.M.B. 5458, Ado – Ekiti, Ekiti State
Enugu
- Central Bank of Nigeria, No. 3, Garden Avenue, P.M.B. 1039, Enugu, Enugu State
Gombe
- Central Bank of Nigeria, Off Shehu Abubakar Road, Opp. Deputy Governor’s Lodge, Gombe, Gombe State
Imo
- Central Bank of Nigeria, New Okigwe Rd., P.M.B. 1520, Owerri, Imo State
Jigawa
- Central Bank of Nigeria, Sanni Abacha Way, P.M.B. 7155, Dutse, Jigawa State
Kaduna
- Central Bank of Nigeria, No. 1A, Yakubu Gowon Way, P.M.B. 2126, Kaduna, Kaduna State
Kano
- Central Bank of Nigeria, No. 4A, Lagos Street, Kano. P.M.B. 3025, Kano State
Katsina
- Central Bank of Nigeria, WTC Road, P.M.B. 2151, Katsina, Katsina State
Kebbi
- Central Bank of Nigeria, Sultan Abubakar Road, Birnin-Kebbi, Kebbi State
Kogi
- Central Bank of Nigeria, Government House Road, Opposite Government House, Lokoja, Kogi State
Kwara
- Central Bank of Nigeria, No. 1, Sule Gambari Road, P.M.B. 1365, Illorin, Kwara State
Lagos
- Central Bank of Nigeria, Tinubu Square, Custom Street, Marina Road, Lagos Island, Lagos State
Nasarawa
- Central Bank of Nigeria, Shendam Road, Lafia, Nasarawa State
Niger
- Central Bank of Nigeria, Paiko Road, Minna, Niger State
Ogun
- Central Bank of Nigeria, Ibrahim Babanginda, Abeokuta, P.M.B. 2217 Abeokuta, Ogun State
Ondo
- Central Bank of Nigeria, Old Secretariat Road, P.M.B. 0805, Akure, Ondo State
Osun
- Central Bank of Nigeria, Plot 4 Gbogon Road, Osun G.R.A., Oshogbo, Osun State
Oyo
- Central Bank of Nigeria, Oba Adebimpe Road, P.M.B. 5281, Ibadan, Oyo State
Plateau
- Central Bank of Nigeria, No. 4 Noad Avenue, P.M.B. 2080, Jos, Plateau State
Rivers
- Central Bank of Nigeria, No. 3 Bank Road, P.M.B. 5134, Port-Harcourt, Rivers State
Sokoto
- Central Bank of Nigeria, Gusau Road, Sokoto, P.M.B. 2393, Sokoto State
Taraba
- Central Bank of Nigeria, Barde Way, opposite PHCN office, Jalingo, Taraba State
Yobe
- Central Bank of Nigeria, No. 2 G.R.A. Road, Behind Central Mosque, Damaturu, Yobe State
Zamfara
- Central Bank of Nigeria, J. B. Yakubu Street, opposite Access Bank, Gusau, Zamfara State
Conclusion
The Central bank of Nigeria is the apex bank of Nigeria and is responsible for the performance of core duties. One is the role of managing the currency and monetary policies by the issue of currency, setting of interest loans and bonds. The Central bank can tweak the interest rates to spur growth and consumer spending by reducing or incrementally to tackle inflation and slow growth. The legal ability that supports the issuance of banknotes and cash is a core function of the Central Bank of Nigeria, which distinguishes the CBN from other banks.
The regulation of the commercial banks is another major function of the Central Bank of Nigeria as it determines the capital requirements, reserve requirements, and deposit guarantees. The CBN is responsible for approving grants and granting licenses for banks and other financial institutions. The governments and commercial banks turn to the Central Bank of Nigeria (CBN) as a last resort lender.
Sustainable economic growth is a goal that the Central Bank of Nigeria (CBN) seeks to actualize. The Central Bank of Nigeria(CBN) is charged with development financing geared towards agriculture, rural development, and small and medium enterprises intended to spur economic growth within the country.
Furthermore, the Central Bank of Nigeria is responsible for the management of the foreign reserves of Nigeria as stated by Section 2(c) of the CBN Act of 2007, and safeguarding the Naira’s value by the maintenance of confidence in the country’s exchange rate policies as well as projecting confidence to the international community of Nigeria’s capability of meeting obligations required of the country, is core objectives of the Central Bank of Nigeria (CBN). External reserve management(or foreign reserve management) ensures that the country earns within tolerable limits, provides liquidity and preservation of the country’s capital.
So, the location of the Central Bank of Nigeria(CBN) in all the states of the country including the
Federal Capital Territory Abuja ensures that the scope of CBN’s responsibilities is executed effectively.