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Banks and other Financial Institutions Act 🇳🇬


Coat of Arms

Banks and other Financial Institutions Act

  • Commenced on 20 June 1991
  • [Up to date as at 31 December 2002]
  • [Note: The original publication document is not available and this content could not be verified.]
  1. [Repealed by Banks and Other Financial Institutions Act, 2020 (Act 5 of 2020) on 12 November 2020]
An Act to regulate banking and other financial institutions and for matters connected therewith.

Part 1 – Establishment of Banks, etc.

1. Functions, power and duties of the Central Bank of Nigeria

(1)The Central Bank of Nigeria (hereafter in this Act referred to as "the Bank") shall have all the functions and powers conferred and the duties imposed on it under this Act, subject to the overall supervision of the Minister.[1997 No.4]
(2)The Bank shall in addition to the functions and powers conferred on it by this Act, have the functions and powers conferred and the duties imposed on the Bank by the Central Bank of Nigeria Act.[1997 No.4]
(3)The Bank may authorise or instruct any officer or employee…

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