<P> The central bank was instrumental in the growth and financial credibility of Nigerian commercial banks by making sure that all the financial banks operating in the country had a capital base (required reserves). This helped to make sure that bank customers just did not bear losses alone, in the event of bank failures . However, this policy led to the failure of some Nigerian commercial banks; some banks could not meet up with the new capital base requirements, which was 25,000,000,000.00 Naira at the time . Those banks that could not meet the new capital base requirements had to fold up, while some that could not come up with the money on their own, had to merge with other banks in order to raise the money . This policy helped solidify the commercial banks of Nigeria, and made it impossible for individuals or organizations without financial stability to operate a bank in the country . Today Nigeria has one of the most advanced financial sectors in Africa, with most of its commercial banks having branches in other countries . </P> <P> The Central Bank is active in promoting financial inclusion policy and is a leading member of the Alliance for Financial Inclusion . It is also one of the original 17 regulatory institutions to make specific national commitments to financial inclusion under the Maya Declaration during the 2011 Global Policy Forum held in Mexico . The CBN has ensured all Banks in Nigeria to have a uniform year end . The various commercial bank includes Access Bank Plc, Citibank Nigeria Plc, Diamond Bank Plc, First Bank of Nigeria Plc, Guaranty Trust Bank Plc, Zenith Bank plc, Wema Bank, StanbicIbtc Bank, Fidelity Bank, United Bank for Africa etc . </P> <P> Mr. Godwin Emefiele, the former Zenith Bank Plc Chief Executive assumed the mantle as the 11th CBN chief as well as its 10th indigenous governor . Emefiele, who replaced Mallam Sanusi Lamido Sanusi, whose tenure elapsed on June 1 brings to the job over 20 years of banking experience . He has held several strategic positions in his 18 years in the banking industry . Before becoming the Managing Director of Zenith Bank Plc, he had worked in corporate banking, treasury and financial controls . Before that, he was a lecturer in Finance and Insurance at the University of Port Harcourt, as well as his alma mater, University of Nigeria, Nsukka, where he obtained both BSc and MBA degrees in Finance . He is also an alumnus of Executive Education at Stanford University, Harvard University and Wharton Graduate Schools of Business . Emefiele in his maiden press briefing two days after his resumption of office gave a presentation titled "ENTRENCHING MACROECONOMIC STABILITY AND ENGENDERING ECONOMIC DEVELOPMENT IN NIGERIA". He acknowledged the excellent work that the Bank had done to achieve financial system stability, low inflation, exchange rate stability, an efficient payment system, and a consistent monetary policy in the last couple of years . He maintained that the vision of the Central Bank of Nigeria is to create a people - centered Central Bank by "delivering price and financial system stability and promoting sustainable economic development". </P> <P> The name of the Central Bank of Nigeria has been used in a series of so - called' Nigerian 419 Scams' . The fraudster sends an e-mail that appears to come from a Central Bank employee to millions of people saying the Bank has found an excess of money, or a debt owing to, a person or persons who have since died, and they wish to export it . The victim submits his own bank account so that the money may be placed therein, however this information is only used to add credibility to the scam, in order to lure the victim in further . Bank details and other personal information is used to create fake certificate or document that are allegedly from the Bank . Contrary to popular belief, the victim's bank account cannot be emptied in this fashion . And, if money was taken from an account, it could be reimbursed as it can be traced Instead, the fraudster will ask the victim to send money via wire transfer services such as Western Union or MoneyGram . A wire transfer sent abroad is untraceable and not reversible . The bank is in no way associated with such scams . </P>

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