<Tr> <Th> Currency </Th> <Td> Nigerian naira NGN 566 (ISO 4217) </Td> </Tr> <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>

When was the central bank of nigeria established