The apex regulatory banking institution in the country, Central Bank of Nigeria (CBN) has been in the news in the last couple of days for a joyful reason. The bank has every reason to be in a festive mood, having clocked 50 golden years since its establishment.

The fact that the CBN had attained such a milestone in spite of all odds really calls for celebration and festivities. It must be quickly admitted that 50 years in the life of any organization is very remarkable, particularly when such an entity has continued to play a pivotal and central role in the economic life of a nation, like the Central Bank of Nigeria.

As the apex bank in the country, the CBN is saddled with the critical responsibility of managing the economy, regulating the banking sector and also husbanding the nation's foreign reserves. In keeping with its mandate as a regulator, the CBN also formulates policies and guidelines which help to regulate banking sector to ensure that banks operate within certain minimum standards.

The CBN has come a long way, given its trajectory as a forerunner to Nigeria's independence. It is commendable to note that notwithstanding many constraints and obstacles which the CBN has had to contend with in the discharge of its primary responsibilities to the nation, it has continued to weather the storms.

In some parts of the world including Africa, some economies had been run aground either because of their vulnerability to crises occasioned by the forces of globalization or much more importantly the absence of imaginative and result-oriented leadership with enough intellectual resource endowment to steer their respective national economies out of gloom and doom.

Speech delivered by President Yar'Adua  at the 50th anniversary ceremony of the CBN in Abuja last week.

It is indeed a great pleasure for me to be part of this historic event - the golden jubilee of the Central Bank of Nigeria (CBN). Fifty years being very symbolic and momentous in the life of any institution, I felicitate with the Board, Management, and staff of the CBN on behalf of the Government and people of the Federal Republic of Nigeria.

It is also my pleasure to salute you all, especially the friends of Nigeria who have come to attend this international conference.

As you may have noted from the earlier presentation, the Act of Parliament to establish the CBN was enacted on March 17th, 1958; the first Governor of the Central Bank was appointed on 24th July, 1958; and banking operations started on July 1, 1959. In essence, as Nigeria prepared to become an independent nation on October 1, 1960, the CBN was one of the precursor pillar institutions for economic management. The CBN therefore helped to usher in the newly independent nation as well as in building the relevant infrastructure for economic management, as typified by its role in the preparation of the nation's First National Development Plan, 1962 - 1968, and in effectively managing a civil way economy without high inflation.

It is instructive that since 1958, and despite the various amendments and re-enactments of the CBN Acts, the mandate of the CBN has remained essentially the issuance of legal tender currency, maintenance of external reserves, promotion of monetary stability and a sound financial system, and to act as banker and financial adviser to the Federal Government. The recent 2007 Act extended the mandate with a precise demand for the CBN to ensure price stability. It is also significant to note in line with global best practice, the CBN has, through the CBN Act 1991 and its amendments, been granted the status of an independent central bank since 1991.

Distinguished ladies and gentlemen, it is noteworthy that the CBN has been one of the most stable in the world as only nine governors have been in office in the last 50 years, a commendable sign of institutional stability that has impacted positively on the bank.

In the light of the foregoing, CBN's 50th anniversary celebration provides a platform for deep reflection on the progress so far within the context of Nigeria's economic realities in the face of the current global financial and economic crisis. It also presents an opportunity to lay out a clear roadmap to an even more successful future as we face up to the challenges and opportunities inherent in the global economic downturn.

It is, therefore, gratifying to note that you have chosen this moment to organise an international conference on the important theme of "Central Banking, Financial System Stability and Growth".

It is instructive that your choice of theme would not only enable you focus on the future world of finance and central banking, but also the ramifications of the current global economic situation and ways of forestalling a future crisis of this dimension.

As you evaluate the past, I believe that one conclusion any unbiased observer of the CBN over the last 50 years will reach is that despite the constraints and challenges of the political, economic and social environment of Nigeria, the CBN has performed creditably well in delivering on its core mandates. This is especially even more so in the last five years. Most people would agree that without the successful banking consolidation and effective management of our foreign reserves, the current global crisis would have shaken the financial system and our national economy to their foundations with calamitous consequences.

Today, as we work to re-brand Nigeria, our banks remain Nigeria's dominant transnational corporations whose brand names adorn billboards around the world.

The CBN microfinance banking revolution is also changing the face of the poor in our country, and the advances in the payments system are commendable. I cannot possibly list all your achievements in this short speech. I can only say, keep it up!

While the past is behind us, a challenging future lies ahead. I urge the Central Bank to brace up for the greater tasks ahead. Our Administration is determined to lay a very solid foundation for Nigeria's socio-economic transformation through the 7-point Agenda. We are giving high priority to the provision of power, transport infrastructure, education, security of lives and property and resolution of the Niger Delta crisis, agriculture and food security, wealth creation and employment generation. These cannot happen without a robust financial system.

I am delighted to note that even before the global crisis, I had launched the Financial System Strategy 2020 (FSS 2020) in June 2007 championed by the Central Bank. I very much look forward to the fast-tracking of the implementation of this Strategy, which aims to ensure that Nigeria emerges as an international financial centre as well as Africa's financial hub by 2020.

As you illuminate the future, you should be conscious of the evolving regional and global dimensions of our monetary and financial system. We have committee to a single currency in the West African region, and ultimately a single currency in Africa.

The African Union has already graciously asked Nigeria to host the headquarters of the African Central Bank. I want to reiterate Nigeria's commitment to these pan-African initiatives and assure of our readiness to fulfill our obligations as may be required to make them happen.

Distinguished ladies and gentlemen, I would like to conclude by once again congratulating the CBN on this historic event. It is my hope that the next decade will give us even greater cause for celebration.

It is now my singular honour to formally launch the Anniversary book, "50 Years of Central Banking in Nigeria", the 50th Anniversary Commemorative Coin, and to formally declare the 50th Anniversary International Conference open.