Meet Governors of the Central Bank of Nigeria from independence to date

The Central Bank of Nigeria is Nigeria's apex bank and monetary authority established by the CBN Act of 1958 and began operations on July 1, 1959.

The main job of the CBN is mostly regulation of the financial services sector in Nigeria, maintenance of the nation's external reserves, promoting monetary stability and a sound financial environment, and acting as a banker of the last resort and financial adviser to the Nigerian government.

After colonial rule in Nigeria ended, the country desired to be proactive in developing the economy, especially after the civil war.

The CBN became involved in lending directly to consumers and contravened its original purpose of working through commercial banks in activities which involved consumer lending.

Policy implementation and criticism

The early functions of the CBN were mainly to act as the government's agency for the control and supervision of the banking sector, supervising the balance of payments per the federal government's demands, and streamlining monetary policy along with the demands of the federal government budget.

Changes under Chukwuma Soludo

The CBN helped in the growth and financial trust of Nigerian commercial banks by ensuring that all the banks in Nigeria had enough capital bases.

It ensured that the banks' customers did not bear losses alone in the event of a collapse. The policy led to the collapse of some commercial banks due to their inability to meet the required capital base of N25 billion.

The policy solidified the commercial banks in Nigeria and ensured that individuals and organisations without financial stability do not operate banks in the country.

Nigeria has one of the most advanced financial services sectors in Africa, with most commercial banks operating in other African countries.

Changes under Sanusi Lamido Sanusi


In 2009, under the leadership of Sanusi, the CBN sacked the CEOs and executive directors of five commercial banks in Nigeria for mismanagement of loans and over-dependence on the CBN.

Ex-president Goodluck Jonathan suspended Sanusi in 2014 on the allegations of financial recklessness.

The CBN also fired the entire First Bank of Nigeria board, which was in serious financial trouble.

Changes under Emefiele

Last year, the Emefiele-led CBN announced the suspension of foreign exchange sales to the bureau de change operators.

Due to the decision, all forex sales were to be done directly by the commercial banks.

In July 2021, Emefiele announced the launch of Nigeria's and Africa's first Central Bank Digital Currency (CBDC), known as the e-naira, on October 25.

Emefiele became the 11th CBN governor and its indigenous governor. He succeeded Sanusi Lamido Sanusi.

Central Bank governors to date

Roy Pentlow Fenton - 1958 - 1963

Aliyu Mai-Bornu - 1963 - 1967

Clement Nyong Isong -1967-1975

Adamu Ciroma 1975-1977

Ola Vincent 1977-1982

Abdulkadir Ahmed 1982 -1993

Paul Agbai Oguma 1993-1999

Joseph Sanusi 1999-2004

Charles Chukwuma Soludo 2004 -2009

Sanusi Lamido Sanusi 2009 - 2014

Godwin Emefiele 2014 - date