CBN Recruitment Exam Questions and Answers

CBN Recruitment Exam Questions and Answers

Here are 20 multiple-choice questions related to Nigeria's Central Bank (CBN) recruitment, along with options and suggested answers:

When was the Central Bank of Nigeria (CBN) established?

a) 1958

b) 1960

c) 1970

d) 1980

Answer: a) 1958

Who is the current Governor of the Central Bank of Nigeria (CBN)?

a) Godwin Emefiele

b) Sanusi Lamido Sanusi

c) Charles Soludo

d) Muhammadu Buhari

Answer: a) Godwin Emefiele

What is the primary objective of the CBN?

a) Maintain price stability and ensure monetary stability

b) Promote economic growth and development

c) Regulate the stock market

d) Control fiscal policy

Answer: a) Maintain price stability and ensure monetary stability

Which currency is used in Nigeria?

a) Nigerian Dollar

b) Nigerian Pound

c) Nigerian Naira

d) Nigerian Rupee

Answer: c) Nigerian Naira

What is the legal tender status of the Nigerian Naira?

a) It is only accepted within Nigeria

b) It is accepted in Nigeria and other West African countries

c) It is accepted globally

d) It is not a legal tender

Answer: a) It is only accepted within Nigeria

Which department of the CBN is responsible for formulating and implementing monetary policy?

a) Banking Supervision Department

b) Financial Markets Department

c) Monetary Policy Department

d) Research Department

Answer: c) Monetary Policy Department

What is the maximum tenure of a Governor of the CBN?

a) 4 years

b) 5 years

c) 6 years

d) 7 years

Answer: b) 5 years

Which of the following is not a subsidiary of the Central Bank of Nigeria?

a) Nigeria Inter-Bank Settlement System (NIBSS)

b) Nigerian Deposit Insurance Corporation (NDIC)

c) Asset Management Corporation of Nigeria (AMCON)

d) Nigeria National Petroleum Corporation (NNPC)

Answer: d) Nigeria National Petroleum Corporation (NNPC)

What is the primary objective of the Nigerian Deposit Insurance Corporation (NDIC)?

a) Regulate the banking industry

b) Provide deposit insurance to depositors

c) Issue currency and maintain price stability

d) Facilitate international trade

Answer: b) Provide deposit insurance to depositors

What is the main regulatory body for the Nigerian banking sector?

a) Securities and Exchange Commission (SEC)

b) National Insurance Commission (NAICOM)

c) Corporate Affairs Commission (CAC)

d) Central Bank of Nigeria (CBN)

Answer: d) Central Bank of Nigeria (CBN)

What is the function of the Financial System Stability Department in the CBN?

a) Oversee the operations of commercial banks

b) Maintain the stability of the Nigerian financial system

c) Develop and implement monetary policy

d) Promote financial inclusion in rural areas

Answer: b) Maintain the stability of the Nigerian financial system

Which department of the CBN is responsible for regulating and supervising commercial banks?

a) Banking Supervision Department

b) Financial Markets Department

c) Monetary Policy Department

d) Research Department

Answer: a) Banking Supervision Department

What is the Nigerian government's fiscal year?

a) January 1st to December 31st

b) April 1st to March 31st

c) July 1st to June 30th

d) October 1st to September 30th

Answer: b) April 1st to March 31st

What is the role of the Research Department in the CBN?

a) Conduct research on economic and financial issues

b) Provide customer support for banking services

c) Facilitate international trade transactions

d) Develop and implement monetary policy

Answer: a) Conduct research on economic and financial issues

Which of the following is NOT a function of the Central Bank of Nigeria (CBN)?

a) Issuing and controlling the currency in circulation

b) Managing the country's external reserves

c) Regulating the activities of non-bank financial institutions

d) Implementing fiscal policies to stimulate economic growth

Answer: d) Implementing fiscal policies to stimulate economic growth

What is the primary purpose of the Cash Management Department in the CBN?

a) Manage the country's foreign exchange reserves

b) Issue and control the supply of banknotes and coins

c) Oversee the operations of commercial banks

d) Promote financial literacy and consumer protection

Answer: b) Issue and control the supply of banknotes and coins

Which of the following is an initiative of the CBN to promote financial inclusion in Nigeria?

a) Nigeria Inter-Bank Settlement System (NIBSS)

b) Nigerian Electronic Fraud Forum (NeFF)

c) Microfinance Development Fund (MDF)

d) Economic and Financial Crimes Commission (EFCC)

Answer: c) Microfinance Development Fund (MDF)

What is the role of the Financial Markets Department in the CBN?

a) Regulate and supervise commercial banks

b) Conduct open market operations to manage liquidity

c) Provide deposit insurance to depositors

d) Facilitate international trade transactions

Answer: b) Conduct open market operations to manage liquidity

Which of the following is NOT a core value of the Central Bank of Nigeria (CBN)?

a) Professionalism

b) Integrity

c) Accountability

d) Profit Maximization

Answer: d) Profit Maximization

What is the minimum educational qualification required for entry-level positions in the CBN?

a) Senior Secondary School Certificate Examination (SSCE)

b) Bachelor's degree or its equivalent

c) Master's degree or its equivalent

d) Doctorate degree in economics

Answer: b) Bachelor's degree or its equivalent