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Topic Content:
- Meaning of Central Bank
- Functions of the 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.
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