<P> The CBN's early functions were mainly to act as the government's agency for the control and supervision of the banking sector, to monitor the balance of payments according to the demands of the federal government and to tailor monetary policy along the demands of the federal budget . The central bank's initial lack of financial competence over the finance ministry led to deferment of major economic decisions to the finance ministry . A key instrument of the bank was to initiate credit limit legislation for bank lending . The initiative was geared to make credit available to neglected national areas such as agriculture and manufacturing . By the end of 1979, most of the banks did not adhere to their credit limits and favored a loose interpretation of CBN's guidelines . The central bank did not effectively curtail the prevalence of short term loan maturities . Most loans given out by commercial banks were usually set within a year . The major policy to balance this distortion in the credit market was to create a new Bank of Commerce and industry, a universal bank . However, the new bank did not fulfill its mission . Another policy of the bank in concert with the intentions of the government was direct involvement in the affairs of the three major expatriate commercial banks in order to forestall any bias against indigenous borrowers and consumers . By 1976, the federal government had acquired 40% of equity in the three largest commercial banks . The bank's slow reaction to curtail inflation by financing huge deficits of the federal government has been one of the sore points in the history of the central bank . Coupled with its failure to control the burgeoning trade arrears in 1983, the country was left with huge trade debts totaling $6 billion . </P> <P> Governors of the Central Bank since independence: </P> <Table> <Tr> <Th> Governor </Th> <Th> Previous position </Th> <Th> Term start </Th> <Th> Term end </Th> </Tr> <Tr> <Td> Roy Pentelow Fenton </Td> <Td> </Td> <Td> 24 July 1958 </Td> <Td> 24 July 1963 </Td> </Tr> <Tr> <Td> Aliyu Mai - Bornu </Td> <Td> Deputy Governor, CBN </Td> <Td> 25 July 1963 </Td> <Td> 22 June 1967 </Td> </Tr> <Tr> <Td> Clement Nyong Isong </Td> <Td> Advisor International Monetary Fund </Td> <Td> 15 August 1967 </Td> <Td> 22 September 1975 </Td> </Tr> <Tr> <Td> Adamu Ciroma </Td> <Td> </Td> <Td> 24 September 1975 </Td> <Td> 28 June 1977 </Td> </Tr> <Tr> <Td> Ola Vincent </Td> <Td> Deputy Governor, CBN </Td> <Td> 28 June 1977 </Td> <Td> 28 June 1982 </Td> </Tr> <Tr> <Td> Abdulkadir Ahmed </Td> <Td> Deputy Governor, CBN </Td> <Td> 28 June 1982 </Td> <Td> 30 September 1993 </Td> </Tr> <Tr> <Td> Paul Agbai Ogwuma </Td> <Td> CEO, Union Bank of Nigeria </Td> <Td> 1 October 1993 </Td> <Td> 29 May 1999 </Td> </Tr> <Tr> <Td> Joseph Oladele Sanusi </Td> <Td> CEO First Bank of Nigeria </Td> <Td> 29 May 1999 </Td> <Td> 29 May 2004 </Td> </Tr> <Tr> <Td> Charles Chukwuma Soludo </Td> <Td> Chief Executive, National Planning Commission </Td> <Td> 29 May 2004 </Td> <Td> 29 May 2009 </Td> </Tr> <Tr> <Td> Sanusi Lamido Aminu Sanusi </Td> <Td> CEO, First Bank of Nigeria </Td> <Td> 3 June 2009 </Td> <Td> 20 February 2014 </Td> </Tr> <Tr> <Td> Sarah Alade </Td> <Td> Deputy Governor, Central Bank of Nigeria </Td> <Td> 20 February 2014 </Td> <Td> 3 June 2014 </Td> </Tr> <Tr> <Td> Godwin Emefiele </Td> <Td> Chief Executive Officer, Zenith Bank </Td> <Td> 3 June 2014 </Td> <Td> to date </Td> </Tr> </Table> <Tr> <Th> Governor </Th> <Th> Previous position </Th> <Th> Term start </Th> <Th> Term end </Th> </Tr>

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