The Central Bank of Nigeria was established by the CBN Act

CBN Act

The CBN Act of 1958 established The Central Bank of Nigeria. The bank commenced operations on July 1, 1959....

 of 1958 and commenced operations on July 1, 1959.

The major regulatory objectives of the bank as stated in the CBN act of 1958 is to: issue legal tender, 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.