An excerpt of the CBN Act 2007:

17. The Bank shall have the sole right of issuing currency notes and coins
throughout Nigeria and neither the Federal Government nor any State Government,
Local Government, other person or authority shall issue currency notes, bank notes or
coins or any documents or tokens payable to bearer on demand being document or
token which are likely to pass as legal tender.
18. The Bank shall –

(a) arrange for the printing of currency notes and the minting of coins;
(b) issue, re-issue and exchange currency notes and coins at the Bank’s offices
and at such agencies as it may, from time to time, establish or appoint;
(c) arrange for the safe custody of un-issued stocks of currency notes and for
the preparation, safe custody and destruction of plates and paper for the printing of
currency notes and disc for the minting of coins; and
(d) arrange for the destruction of currency notes and coins withdrawn from
circulation under the provisions of section 20 (3) of this Act or otherwise found by the
Bank to be unfit for use.
19.  –(1) The currency notes and coins issued by the Bank shall be -(a) in such denominations of the Naira or fractions thereof as shall be
approved by the President on the recommendation of the Board; and
(b) of such forms and designs and bear such devices as shall be approved
by the President on the recommendation of the Board.
(2)  The standard weights and composition of coins issued by the Bank and
the amount of remedy and variation shall be determined shall be determined by the
President on the recommendation of the Board.
20.  –(1) The currency notes issued by the Bank shall be  legal tender in Nigeria
at their face value for the payment of any amount.
(2) The coins issued by the Bank shall, it such coins have not been
tampered with, be legal tender in Nigeria at their face value up to such amount or
amounts as may be determined, from time to time, by the Bank.
(3) Notwithstanding sub-sections (1) and (2) of this section, the Bank
shall have power, if directed to do so by the President and after giving reasonable
notice in that behalf, to call in any of its notes or coins on payment of the face value
thereof and any note or coin with respect  to which a notice has been given under this
sub-section, shall , on the expiration of the notice, cease to be legal tender, but,
subject to section 22 of this Act, shall be redeemed by the Bank upon demand.

CBN ACT 2007 <<<<<<< DOWNLOAD THE FULL VERSIONIN PDF