The Central Bank of Nigeria (CBN) was founded by the CBN Act in 1958 and started its activities on July 1, 1958.
The principal normative objectives of the bank are written in the CBN act of 1958. Among them it is necessary to note support external currency reserves, activity as a banker of last instance and financial consultant to the federal government and contribution monetary and credit stability and a sound financial environment.
After the end of the Nigerian civil war the willingness of the government to develop economy appeared. Bowing to the demands of the government the bank directed its efforts to attach short falls in credit distribution to the real sector.
Immediately the bank began to participate in crediting to consumers. Although at first it differed from initial intentions to carry out transactions through commercial banks in consumer finance. Nonetheless bank policy was hereditary indigenization policy during those years. With the help of the central bank CBN undertakes the printing of money, securities regulation and implementation treasury instruments into the capital market.