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SS3: ECONOMICS - 1ST TERM

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  1. Economic Lessons from Asian Tigers I | Week 1
    4 Topics
  2. Economic Lessons from Asian Tigers II | Week 2
    6 Topics
    |
    1 Quiz
  3. Human Capital Development I | Week 3
    2 Topics
  4. Human Capital Development II | Week 4
    2 Topics
    |
    1 Quiz
  5. Petroleum and the Nigeria Economy I | Week 5
    3 Topics
  6. Petroleum and the Nigeria Economy II | Week 6
    3 Topics
    |
    1 Quiz
  7. Manufacturing and Construction | Week 7
    3 Topics
    |
    1 Quiz
  8. Services Industries | Week 8
    3 Topics
    |
    1 Quiz
  9. Agencies that Regulate the Financial Market | Week 9
    9 Topics
    |
    1 Quiz
  10. International Trade | Week 10
    8 Topics
    |
    1 Quiz



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Topic Content:

  • Meaning of Central Bank
  • Functions of Central Bank
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 policy.

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. 

Central Bank of Nigeria
Central Bank of Nigeria.

Functions of Central Bank:

1. The Central Bank has the Sole Authority to Issue Currencies: They issue currency and no other bank can perform this function.

 

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