<Tr> <Th> Website </Th> <Td> www.cbn.gov.ng </Td> </Tr> <P> The Central Bank of Nigeria (CBN) is the Central bank and apex monetary authority of Nigeria established by the CBN Act of 1958 and commenced operations on July 1, 1959 . </P> <P> The major regulatory objectives of the bank as stated in the CBN Act are to: maintain the external reserves of the country, promote monetary stability and a sound financial environment, and to act as a banker of last resort and financial adviser to the federal government . The central bank's role as lender of last resort and adviser to the federal government has sometimes pushed it into murky regulatory waters . After the end of imperial rule the desire of the government to become pro-active in the development of the economy became visible especially after the end of the Nigerian civil war, the bank followed the government's desire and took a determined effort to supplement any short falls in credit allocations to the real sector . The bank soon became involved in lending directly to consumers, contravening its original intention to work through commercial banks in activities involving consumer lending . However, the policy was an offspring of the indigenisation policy at the time . Nevertheless, the government through the central bank has been actively involved in building the nation's money and equity centers, forming securities regulatory board and introducing treasury instruments into the capital market . </P> <P> In 1948, an inquiry under the leadership of G.D Paton was established by the colonial administration to investigate banking practices in Nigeria . Prior to the inquiry, the banking industry was largely uncontrolled . The G.D Paton report, an offshoot of the inquiry became the cornerstone of the first banking legislation in the country: the banking ordinance of 1952 . The ordinance was designed to prevent non viable banks from mushrooming, and to ensure orderly commercial banking . The banking ordinance triggered a rapid growth in the industry, with growth also came disappointment . By 1958, a few number of banks had failed . To curtail further failures and to prepare for indigenous control, in 1958, a bill for the establishment of Central Bank of Nigeria was presented to the House of Representatives of Nigeria . The Act was fully implemented on July 1, 1959, when the Central Bank of Nigeria came into full operation . In April 1960, the Bank issued its first treasury bills . In May 1961 the Bank launched the Lagos Bankers Clearing House, which provided licensed banks a framework in which to exchange and clear checks rapidly . By July 1, 1961 the Bank had completed issuing all denominations of new Nigerian notes and coins and redeemed all of the West African Currency Board's previous money . </P>

What are the functions of the central bank of nigeria
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