# The Central Bank of Nigeria

> Established by the Central Bank of Nigeria Act 1958 and operational from 1 July 1959, the CBN sets monetary policy, issues the naira and regulates banks. Under Governor Olayemi Cardoso (from September 2023) it floated the naira in mid-2023, unified multiple exchange-rate windows, and held its Monetary Policy Rate at 26.5% at its July 2026 meeting after cutting from 27% earlier in the year.

**Category:** Economy & Business · **Updated:** 2026-07-26 19:36:35 · **Canonical:** https://nigeriastuff.org/a/central-bank-of-nigeria

## Key facts
- **Founding legislation:** Central Bank of Nigeria Act 1958
- **Commenced operations:** 1 July 1959
- **Current legal framework:** CBN Act 2007 (full operational autonomy)
- **First Governor:** Roy Pentelow Fenton (1958–1963, expatriate)
- **Current Governor:** Olayemi (Yemi) Cardoso, appointed 15 September 2023
- **MPR as of July 2026:** 26.5% (306th MPC meeting, 20–21 July 2026)
- **Naira float:** FX windows unified from 14 June 2023
- **eNaira launch:** 25 October 2021 — Africa's first central bank digital currency

## Sources
- About Us — History — Central Bank of Nigeria (https://www.cbn.gov.ng/AboutCBN/History.html)
- Monetary Policy Decisions — Central Bank of Nigeria (https://www.cbn.gov.ng/MonetaryPolicy/decisions.html)
- Old naira notes to remain legal tender until further notice, Supreme Court rules — Nairametrics (https://nairametrics.com/2023/11/29/old-naira-notes-to-remain-legal-tender-until-further-notice-supreme-court-rules/)
- Profile: Yemi Cardoso, the newly appointed CBN Governor — Nairametrics (https://nairametrics.com/2023/09/16/profile-yemi-cardoso-the-newly-appointed-cbn-governor/)
- Nigeria: Central Bank maintains its key rate at 26.50% to curb inflation — Financial Afrik (https://www.financialafrik.com/en/2026/07/22/nigeria-central-bank-maintains-its-key-rate-at-26-50-to-curb-inflation/)
- Anchor Borrowers' Programme — Central Bank of Nigeria (Development Finance Department) (https://www.cbn.gov.ng/DFD/agriculture/ABP.html)
- At Official Launch of eNaira, President Buhari Says Digital Currency will Boost Nigeria's GDP by $29 bn in 10yrs — State House, Abuja (Presidency of the Federal Republic of Nigeria) (https://statehouse.gov.ng/at-official-launch-of-enaira-president-buhari-says-digital-currency-will-boost-nigerias-gdp-by-29-bn-in-10yrs/)
- CBN floats the Naira as banks offer $1 for N700 — TechCabal (https://techcabal.com/2023/06/14/cbn-floats-the-naira/)
- DSS confirms arrest of suspended CBN Governor, Godwin Emefiele — Nairametrics (https://nairametrics.com/2023/06/10/dss-confirms-arrest-of-suspended-cbn-governor-godwin-emefiele/)

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