Central Bank of Nigeria
Base Currency: NGN

The Central Bank of Nigeria was established by the CBN Act of 1958 and commenced operations on July 1, 1959. The major regulatory objectives of the bank as stated in the CBN act of 1958 is to: maintain the external reserves of the country, promote monetary stability and a sound financial environment, and to act as a banker of last resort and financial adviser to the federal government. The central bank's role as lender of last resort and adviser to the federal government has sometimes pushed it into murky regulatory waters. After the end of imperial rule the desire of the government to become pro-active in the development of the economy became visible especially after the end of the Nigerian civil war, the bank followed the government's desire and took a determined effort to supplement any short falls in credit allocations to the real sector. The bank soon became involved in lending directly to consumers, contravening its original intention to work through commercial banks in activities involving consumer lending. However, the policy was an offspring of the indigenisation policy at the time. Nevertheless, the government through the central bank has been actively involved in building the nation's money and equity centers, forming securities regulatory board and introducing treasury instruments into the capital market.
Last Updated: 21 Jun 2024, 11:59 PM GMT

Central Bank of Nigeria Exchange Rates

Currency Name Code 1 NGN in NGN Converter Chart
Swiss Franc CHF 0.000604 1,656.427500 NGN/CHF Chart for CHF per NGN
Chinese Yuan CNY 0.004906 203.831200 NGN/CNY Chart for CNY per NGN
Danish Krone DKK 0.004714 212.128100 NGN/DKK Chart for DKK per NGN
Euro EUR 0.000632 1,582.435200 NGN/EUR Chart for EUR per NGN
U.K. Pound Sterling GBP 0.000535 1,870.890800 NGN/GBP Chart for GBP per NGN
Japanese Yen JPY 0.107573 9.296000 NGN/JPY Chart for JPY per NGN
Nigerian Naira NGN 1.000000 1.000000 NGN/NGN Chart for NGN per NGN
Saudi Riyal SAR 0.002535 394.482100 NGN/SAR Chart for SAR per NGN
U.S. Dollar USD 0.000676 1,480.018000 NGN/USD Chart for USD per NGN
Central African CFA Franc XAF 0.415403 2.407300 NGN/XAF Chart for XAF per NGN
West African CFA Franc XOF 0.415403 2.407300 NGN/XOF Chart for XOF per NGN
South African Rand ZAR 0.012122 82.495500 NGN/ZAR Chart for ZAR per NGN
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