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Topic Content:
- Meaning of Central Bank
- Functions of Central Bank
The central bank is the Apex bank established by an act of parliament and charged with management, supervision, and control of the national monetary affairs and coordination of banking and finances of a country.
The CBN was established by the CBN Act of 1958 but commenced operation in July 1959. It is the highest body of financial institutions in Nigeria that regulates monetary policyCentral banks use monetary policy to manage economic fluctuations and achieve price stability, which means that inflation is low and stable. More.
The central bank is a financial institution owned by the government of a nation and charged with the responsibility of managing the expansion and contraction of the volume, cost, and availability of money in the interest of public welfare. The governor of the central bank is appointed by the government. The central bank is primarily a nonprofit making entity.
It is a government-owned bank.
Functions of Central Bank:
1. The
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