Central Bank Of Nigeria Historical Fact

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Here are some historical facts as related to the Central Bank Of Nigeria CBN.

Agric Credit Guarantee Scheme:
The Agricultural Credit Guarantee Scheme (ACGS) was established in 1977, under the management of the Central Bank of Nigeria. The scheme was designed to encourage banks to increase lending to the agricultural sector by providing guarantee against inherent risks.
BOFIA:
In 1991, the Bank s and Other Financial Institutions Act (BOFIA) formerly BOFI was promulgated to replace the CBN Act of 1958 and the Banking Decree of 1969 (including later amendments). The policy brought the non-bank financial intermediaries under the supervision of
Central Bank of Nigeria

Central Banking:
The earliest known bank of issue is the Riksbank of Sweden (1656). Modern central banking started with Bank of England (1694). Central Bank of Nigeria began operations in 1959.
Development Stocks:
The first development stock was issued in 1946. Central Bank of Nigeria took the responsiblity of issuing stock at its inception. The Lagos Stock Exchange (now Nigerian Stock Exchange) was set up in 1961 to take over transactions in the stocks

Central Banking:
The earliest known bank of issue is the Riksbank of Sweden (1656). Modern central banking started with Bank of England (1694). Central Bank of Nigeria began operations in 1959.
Development Stocks:
The first development stock was issued in 1946. Central Bank of Nigeria took the responsiblity of issuing stock at its inception. The Lagos Stock Exchange (now Nigerian Stock Exchange) was set up in 1961 to take over transactions in the stocks

London Club of Creditors:
These are mainly uninsured and unguaranteed debts extended by commercial banks to nationals of debtor nations. Members of the club are commercial banks mainly in industrialized countries. The first London club meeting was held in 1976 to discuss re-payment and conclude re-structuring agreements.
NEEDS:
National Economic Empowerment and Development Strategy was developed by the National Planning Commission, then headed by Prof Charles Soludo. It was endorsed by the Federal Executive Council of Nigeria as a poverty-alleviating strategy. The aim of the scheme was to meet the Millenium Developoment Goals of curbing the menace of poverty in Nigeria and bringing it to the barest minimum by the year 2015.

Operation Feed the Nation (O.F.N.):
Operation Feed the Nation was introduced by the federal military government headed by General Olusegun Obasanjo in 1979.It had the specific focus of increasing food production on the premise that availability of cheap food would ensure a higher nutrition level and invariably lead to national growth and development.OFN lasted till the civilian government of Alhaji Shehu Shagari in 1979.
Paris Club of Creditors:
The club represents only government guaranteed creditors. Members include the United States of America, United Kingdom, Germany, France and Canada, who guarantee the export activities of their nationals. When the recipient nation s government is unable to pay the equivalent of the imports domestic currency cover, it becomes government debt owed to creditor nations. The first Paris Club meeting was held in 1956.

Structural Adjustment Programme (S.A.P.):
Introduced in June 1986, the Structural Adjustment Programme was introduced after a public debate on IMF loan conditionalities. It was aimed at re-structuring the productive base of the ecnonomy and promoting non-inflationary economic growth.
West African Currency Board:
The West African Currency Board was established in 1912 to retain the services of Bank of British West Africa. It set up four centres in Lagos, Accra, Freetown and Barthurst (now Banjul).

Indigenous Banking in Nigeria:
The story of indegenous banking in Nigeria began with the establishment of the National Bank of Nigeria Limited in February 1933.
First Governor of CBN:
Mr. Roy Pentelow Fenton was appointed the first and the only expatriate Governor of Central Bank of Nigeria. He served from July 24, 1958 to July 24, 1963.

 
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