The names of Central Bank of Nigeria Governors will be listed in this article, starting from the first governor since the national bankers’ bank has been established in the country. Several persons have been selected for the governorship seat of the central bank of Nigeria, and each of them have done immeasurably well as their individual contributions have really added up to the make-up of the history of the bank.
The Central Bank of Nigeria is the central bank and apex monetary authority of Nigeria established by the CBN Act of 1958 and commenced operations on July 1, 1959. Ever since the creation of the bank, it has since stood up to maintain the external reserves of the country, promote monetary stability and a sound financial environment, and then act as a banker of last resort and financial adviser to the federal government.
Before the establishment of this bank, the banking industry could not be controlled and so in 1948, an inquiry under the leadership of G.D Paton was established by the colonial administration to investigate banking practices in Nigeria. In a bid to curtail further failures and to prepare for indigenous control, in 1958, a bill for the establishment of the Central Bank of Nigeria was presented to the House of Representatives of Nigeria. In July 1st 1959, the enactment of the ordinance guiding the Central Bank of Nigeria came into full operation and remained the primary statute governing the CBN until its repeal by the Central Bank of Nigeria Act No.24, 1991.
The bank’s slow reaction to curtail inflation by financing huge deficits of the federal government has been one of the sore points in the history of the central bank. Coupled with its failure to control the burgeoning trade arrears in 1983, the country was left with huge trade debts totaling $6 billion.
In 2009, the CBN fired the CEOs and executive directors of 5 Nigerian banks (Afribank, FinBank Nigeria, Intercontinental Bank, Oceanic Bank and Union Bank of Nigeria) for mismanagement of loans and over-reliance on the CBN.
In 2014, the President Goodluck Jonathan suspended the governor of the CBN Sanusi Lamido Sanusi on grounds of financial recklessness. In April 2021, the Central Bank of Nigeria fired the whole board of the First Bank of Nigeria which was in a grave financial condition.
For the major functions of the Central Bank of Nigeria to both the federal government and the general public, visit https://www.schooldrillers.com/functions-of-central-bank-of-nigeria/.
Names of Central Bank of Nigeria Governors.
Below are the list of the names of central bank of Nigeria governors from inception till date:
1. Roy Pentelow Fenton
24 July 1958 – 24 July 1963
2. Alhaji Aliyu Mai-Bornu
25 July 1963 – 22 June 1967
3. Dr. Clement Nyong Isong
15 August 1967 – 22 September 1975
4. Mallam Adamu Ciroma
24 September 1975 – 28 June 1977
5. Mr. O. Ola. Vincent
28 June 1977 – 28 June 1982
6. Alhaji Abdulkadir Ahmed
28 June 1982 – 30 September 1993
7. Dr. Paul Agbai Ogwuma
1 October 1993 – 29 May 1999
8. Chief (Dr.) Joseph Oladele Sanusi
29 May 1999 – 29 May 2004
9. Prof. Chukwuma C. Soludo
29 May 2004 – 29 May 2009
10. Mallam Sanusi Lamido Sanusi
3 June 2009 – 20 February 2014
11. Sarah Alade (Acting)
20 February 2014 – 3 June 2014
12. Mr. Godwin Emefiele
3 June 2014 – To Date
The CBN has ensured all Banks in Nigeria to have a uniform year end. The various commercial bank includes Access Bank Plc, Citibank Nigeria Plc, Diamond Bank Plc, First Bank of Nigeria Plc, Guaranty Trust Bank Plc, Zenith Bank plc, Wema Bank, StanbicIbtc Bank, Fidelity Bank, United Bank for Africa etc.
