Nigeria

Central Bank of Nigeria is a completely autonomous corporation that functions as the apex monetary institution in the country. This body functions independently of any political control and uses the Central Bank of Nigeria (Establishment) Act 2007 to develop and implement national monetary policies. CBN also acts as the only institution through which the legal currency in the country is issued, foreign exchange reserves are managed, and financial advice is given to the federal government of the country. This institution keeps a tight leash on the banking system in the country in order to maintain price stability and prevent money laundering.

The Central Bank of Nigeria (CBN) regulates the country's financial system and its monetary policy in pursuit of sustainable price stability and macroeconomic stability in the long run. The main mandate of the apex bank, under its statutory responsibilities, is the regulation of the money supply, the only legal tender issuing bank, and the custodian of multi-billion-dollar foreign exchange reserves that ensures that the value of the legal tender is preserved in the international market. With its Banks and Other Financial Institutions Act (BOFIA), the CBN licenses and supervises banks, fintech startups, and payment service providers to ensure the soundness of the financial system. In terms of operations, the bank fixes the benchmark interest rate through its Monetary Policy Committee, implements national anti-money laundering policy using AI, manages the cash withdrawal limit of the entire nation, and offers fiscal advice and banking services to the federal government.