CBN Documents International Operations
FX Mgt Before Now. | FX
Mkt
| FX Structure | Debt
Conversion | Exch. Rate
Policy
Movement in Reserves |
International Payments
| Reserve Management
Debt Conversion
The evolution of the foreign exchange market in Nigeria up to its present state was influenced by a number of factors such as the changing pattern of international trade, institutional changes in the economy and structural shifts in production. Before the establishment of the Central Bank of Nigeria (CBN) in 1958 and the enactment of the Exchange Control Act of 1962, foreign exchange was earned by the private sector and held in balances abroad by commercial banks which acted as agents for local exporters. During this period, agricultural exports contributed the bulk of foreign exchange receipts. The fact that the Nigerian pound was tied to the British pound sterling at par, with easy co
| Facts : 1/1/1964 |
|---|
| Central Bank of Nigeria, Port-Harcourt Branch:In 1964,Port-Harcourt Branch was opened for business.It was the second branch that was established by the CBN. It brought to 3, the number of Central Bank Offices in Nigeria at that time. |
| See All: Facts | Events |
