Which bank became the first central bank of Nigeria in 1959?

The Central Bank of Nigeria became Nigeria’s first central bank in 1959.

The bank was established by the Central Bank of Nigeria Act of 1958 and began operations on 1 July 1959. Its creation gave Nigeria a national institution responsible for issuing currency, managing monetary policy, holding official reserves, and supervising the banking system.

The establishment occurred shortly before Nigeria became independent from the United Kingdom in 1960. Building a central bank was an important step in creating an independent national financial system and preparing for self-government.

The Central Bank of Nigeria is different from First Bank of Nigeria, which is a commercial bank founded in 1894. The central bank’s official abbreviation is CBN, and its headquarters are in Abuja, Nigeria’s federal capital.