Functions and Roles of Regulatory Agencies

Economics S.S.S 3 First Term

WEEK 8

Functions and Roles of Regulatory Agencies

Performance Objectives

Student should be able to:

1. Explain the functions of CBN, NDIC, SEC, etc.
2. Demonstrate knowledge of their evolution.

Content

Functions of Central bank of Nigeria (CBN)

Central bank is the highest financial institution in a country which carries out the monetary policy of the government. It is the sole authority in the banking industry which acts as banker to the government and the commercial banks. Central banks controls and regulates the supply of money. The function of the central bank includes the following:

1. Banker to the government: Central bank is an agent and banker to the government. It controls the public account, receives revenue…