ABSTRACT
The motion to create a Central Bank for Nigeria was first tabled in the House of Representatives in Lagos on 21 March 1952. The International Bank Mission which visited Nigeria in the latter part of 1953 supported the creation of a State Bank of Nigeria, in view of the constitutional progress towards self-government. The encouragement by the International Bank Mission revived Nigeria’s interest in the scheme. In 1957, the Federal Government invited Mr J.B. Loynes to advise the government on a wide range of anticipated banking problems which might arise from the establishment of a central bank in Nigeria and in the light of the recommendations made by the International Bank Mission. Accordingly the Central Bank of Nigeria Ordinance was passed in 1958. The Central Bank was authorised from time to time to require each institution to prepare and deliver to the bank a true correct statement showing the positions of the deposit liabilities of the institution.
