Describe any five functions of the Central Bank of Nigeria (CBN).

The Central Bank of Nigeria (CBN) is the apex financial institution that regulates the money supply, the banking system and the general financial stability of the economy. Its functions flow from this supervisory and monetary role.

Five functions of the CBN:

1. Issue of currency. The CBN has the sole legal right to print and issue the national currency (naira and kobo notes and coins), controlling the amount of cash in circulation.
2. Banker to the government. It keeps government accounts, receives government revenue, makes payments on the government's behalf and advises the government on financial and economic matters.
3. Banker to and supervisor of commercial banks (bankers' bank). It holds the reserves of commercial banks, clears cheques between them and licenses and regulates their operations.
4. Lender of last resort. It lends to commercial banks that are temporarily short of funds, preventing bank failures and maintaining confidence in the banking system.
5. Controller of monetary policy. It regulates the volume of credit and money supply using tools such as the open market operations, bank (discount) rate, cash reserve ratio and liquidity ratio, in order to control inflation and support growth.

Other acceptable points include managing the country's external reserves and foreign exchange, and maintaining the external value of the naira.