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Governance

The Board of Directors provides oversight of the Bank’s functions by formulating policies, other than the formulation of monetary policy, and reviewing performance. The Board comprises eleven members consisting of the Chairman, the Governor, the Permanent Secretary to the National Treasury and eight non-executive directors appointed by the President.

The Central Bank of Kenya is managed by staff with diversified skills including economists, statisticians, accountants, lawyers, communications specialist, information technology experts and human resources professionals amongst others. This pool of talented staff ensures effective and efficient implementation of the Bank’s mandate.

The Governor’s Boardroom in the Central Bank’s headquarters

The Governor’s Boardroom in the Central Bank’s headquarters

Board of Directors

The Central Bank of Kenya has a Board of Directors whose primary function is to determine the Policies of the Bank and to review the performance of the Bank. However, the Monetary Policy Committee, under the chairmanship of the Governor, is independently responsible for the formulation of Monetary Policy. The Board is composed of a Non-Executive Chairperson, the Governor, Principal Secretary to the National Treasury, and eight other Non-Executive Directors. The Board holds regular meetings at which it receives briefings on the Bank’s activities, decisions, implementation of policies and the performance of the financial sector and the economy. The Central Bank of Kenya Act provides for the qualifications of the Directors, the appointment procedures, and the other duties and responsibilities of the Board.

Role and Legal Status
Under the Central Bank of Kenya Act (Cap. 491), the responsibility for determining the policy of the Bank, other than the formulation of monetary policy, is given to the Board of Directors. The Board of Directors of the Central Bank of Kenya is responsible for:

(a) Determining the policy of the Bank, other than the formulation of monetary policy.
(b) Determining the objectives of the Bank, including oversight for its financial management and strategy.
(c) Keeping under constant review the performance of the Bank in carrying out its functions.
(d) Keeping under constant review the performance of the Governor in discharging the responsibility of that office.
(e) Keeping under constant review the performance of the Governor in ensuring that the Bank achieves its Objectives.
(f) Determining whether the policy statements made are consistent with the Bank’s primary function and policy objectives of the Bank.
(g) Keeping under constant review the use of Bank’s resources.

Membership
The Board comprises 11 members consisting of the Chairperson, the Governor; the Permanent Secretary to the National Treasury or his representative who shall be a non-voting member, and eight other non-executive directors.

The chairperson and directors are appointed by the President with the approval of Parliament and hold office for a period of four years but shall be eligible for re-appointment for one further term of four years. Persons eligible to be appointed to the Board must be citizens of Kenya who are knowledgeable or experienced in monetary, financial, banking and economic matters or other disciplines relevant to the functions of the Bank.

Meetings
The Chairperson convenes the meetings of the Board not less than once in every two months, or whenever the business of the Bank so requires, or whenever he is so requested in writing by at least three directors. In the absence of the Chairperson at a meeting, the members present shall elect one of the members appointed under paragraph to preside at that meeting of the Board.

A quorum for any meeting of the Board shall be the Chairperson, the Governor and three directors. Decisions of the Board are adopted by a majority of the votes of those present at that meeting and in case of an equality of votes the Chairperson or the person presiding at the meeting shall have a second or casting vote. The Board may delegate to any committee of the Board or to any member thereof, or to any officer, employee or agent of the Bank the exercise of any of the powers or the performance of any of the functions or duties of the Board under the CBK Act or any other written law.

The Bank’s Management team includes the Governor and two Deputy Governors, all of whom are recruited through a transparent and competitive process, approved by Parliament and then appointed by the President. The Governor is the Chief Executive Officer of the Bank and is therefore responsible for its overall management. The Governor is also the Bank’s official spokesperson. The Governor and Deputy Governors serve for a four-year term and are eligible for a further appointment of one additional term.

Below the management is a team of senior staff who head departments and are responsible for management of various functions.

Management

The executive management team comprises the Governor, two Deputy Governors and heads of department. The Governor and Deputy Governors are appointed by the President through a transparent and competitive process and with the approval of Parliament. The Governor and Deputy Governors hold office for a term of four years, but are eligible for re-appointment for one further term of four years.

The Governor is the chief executive officer of the Bank and, subject to the general policy decisions of the Board, is responsible for the management of the Bank, including the organisation, appointment and dismissal of the staff in accordance with the general terms and conditions of service established by the Board, the Governor has authority to incur expenditure for the Bank within the administrative budget approved by the Board.

Management Team

Dr Patrick Njoroge (Ph.D.)

Dr Patrick Njoroge (Ph.D.)

Governor

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Dr Patrick Njoroge was appointed Governor of the Central Bank in June 2015. He holds a PhD in Economics from Yale University, USA, and a master’s and bachelor’s degrees in Economics from the University of Nairobi, Kenya. Prior to joining the Central Bank, Dr Njoroge had a long career, spanning 20 years, at the International Monetary Fund (IMF), in Washington, D.C., USA. At the IMF, he was advisor to the IMF Deputy Managing Director from December 2012. He also served as Deputy Division Chief in the IMF’s Finance Department and IMF Mission Chief for the Commonwealth of Dominica, as well as other capacities beginning in 1995. Prior to joining the IMF, Dr Njoroge worked in Kenya as an economist at the Ministry of Finance and as a planning officer at the Ministry of Planning. His professional and research interests are in Macroeconomics, Economic Policy, International Finance, Development Economics, Econometrics and Monetary Policy.

Mrs Sheila M'Mbijjewe

Mrs Sheila M'Mbijjewe

Deputy Governor

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Mrs Sheila M’Mbijjewe MBS, ACCA (UK) was appointed Deputy Governor in June 2015. She holds a BA degree in Accounts and Finance and is a Chartered Accountant, England and Wales.

Mrs M’Mbijjewe has had a long career in accounting and audit. She worked in senior positions in the banking sector and was the first woman to be appointed executive director of a publicly quoted commercial bank in Kenya. She has served as a board member in several companies, including the Capital Markets Authority, the Nairobi Stock Exchange, Old Mutual Insurance Company Kenya, the Financial Reporting Centre of Kenya, Pricewaterhouse Kenya and Deloitte Touché Kenya, amongst others.

Mrs M’Mbijjewe was a founding member of the Monetary Policy Committee and the Crime and Anti-Money Laundering Act Advisory Committee of Kenya. In 2008 she was awarded the Moran of the Burning Spear (MBS), a Presidential medal for service to her country.

Senior Staff

Mr Kennedy K. Abuga

Mr Kennedy K. Abuga

Director, Governors' Office

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Mr Kennedy Abuga is the Bank Secretary and Director, Governors’ Office. Mr Abuga joined the Bank in February 2005 as Senior Manager, Legal Services, and was appointed Board Secretary in December 2007, then Director, Governor’s Office, in April 2008. He has also served on the Board of the Insurance Regulatory Authority as an Alternate Member to the Governor.

Mr Abuga is an advocate of the high court, holds a Law degree from the University of Nairobi and is a Certified Public Secretary (CPSK). He is an Associate of the Chartered Institute of Bankers (ACIB), London, and holds a Diploma in Mortgage Lending from the Chartered Institute of Bankers, London. Mr Abuga also holds a BSc Degree in Financial Services from the University of Manchester, UK. Prior to joining the Bank, Mr Abuga practised law at Salim Dhanji and Company Advocates and worked as legal manager at the Co-Operative Bank of Kenya.

Mr Charles G. Koori

Mr Charles G. Koori

Director, Research Department

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Mr Charles Gitari Koori joined the Bank in August 1984. He was appointed Director of Research in October 2008. He holds a Master’s of Arts degree in Economics, and a BA degree in Economics from the University of Nairobi. Mr Koori was seconded to the IMF Representative Office in Nairobi as an economist in August 2004 where he served until he was appointed director of research. He has also served in various capacities within the Research Department.

Mr Gerald A. Nyaoma

Mr Gerald A. Nyaoma

Director, Bank Supervision Department

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Mr Gerald Arita Nyaoma, Director, Bank Supervision Department, joined the Bank in August 1988. He holds an M. Phil. (Econ.) degree from the University of Cambridge, UK, and BA (Economics) from the University of Nairobi. Mr Nyaoma is a Certified Public Accountant (CPAK), a Certified Public Secretary (CPSK) and an Associate of the Kenya Institute of Bankers (AKIB). He previously worked in various departments at the Bank including, Financial Markets, Banking Services, Internal Audit, amongst others. He serves on the Board of the SACCO Societies Regulatory Authority as an Alternate Member to the Governor.

Mr John K. Birech

Mr John K. Birech

Acting Director, Financial Markets Department

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Mr John K. Birech, Acting Director, Financial Markets Department, joined the Bank in September 1984. He was appointed Acting Director, Financial Markets Department, in August 2015. He holds a Master’s degree in Economics, B. Phil. (Economics) and BA (Economics) degrees from the University of Nairobi.

Mr Birech has served in various departments of the Bank, including Banking Services and Bank Supervision, and as the Branch Manager of the Eldoret Branch. Mr Birech serves in the Board of the Capital Markets Authority as an Alternate Member to the Governor. He is also a member of the Monetary Policy Committee. Prior to joining the Bank, he had short stints at Kenya Reinsurance Corporation and the Ministry of Planning.

Mr Paul K. Wanyagi

Mr Paul K. Wanyagi

Acting Director, Currency Operations and Branch Administration Department

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Mr Paul K. Wanyagi joined the Bank in March 1999 and was appointed Acting Director, Currency Operations and Branch Administration, in July 2013. He holds an Executive MBA degree from Kenyatta University, a Bachelor of Commerce (Accounting Option) degree from the University of Nairobi and is a Certified Public Accountant (CPAK).

Mr Wanyagi served in Bank Supervision before being transferred to Currency Operations and Branch Administration in 2009.

Prior to joining the Bank, he worked as an external auditor with Ernst & Young and later with Coopers & Lybrand. He also worked as an assistant financial controller with Conservation Corporation Africa (CCA) Ltd.

Mr Mwenda K. M'Marete

Mr Mwenda K. M'Marete

Acting Director, Banking Services, National Payments System and Risk Management Department

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Mr.  Mwenda K. M’Marete joined the Bank in December 1991 and was appointed Acting Director, Banking Services, National Payments System and Risk Management Department in November, 2016,  He holds an Executive MBA Degree from Management University of Africa, a Bachelor of Commerce (Accounting Option) Degree from University of Nairobi and is a Certified Public Accountant of Kenya (CPAK).

Before joining the Bank, he worked briefly with the Kenya Agricultural Research Institute (KARI) as a Project Accountant in charge of Donor Funds.

At the Bank he has served in various Departments, including Bank Supervision, Governors’ Office, Internal Audit, Finance, National Debt and Financial Markets.  He also served as the Finance and Administration Manager on secondment to the Ministry of Finance at the Year 2000 (Y2K) National Secretariat overseeing the millennia changeover.  He also in the recent past worked very closely with National Treasury on Debt Management matters.

Ms Rose A. Detho

Ms Rose A. Detho

Director, Strategic Management Department

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Ms Rose A. Detho was appointed Director, Strategic Management Department, in April 2014. She joined the Bank in August 1988 and holds a Master’s degree in Business Administration (MBA) and a Bachelor of Commerce degree, both from the University of Nairobi. She has previously served as Director, Bank Supervision Department, and Director, Deposit Protection Fund Board.

Ms Detho also served in the Board of the Capital Markets Authority as an Alternate Member to the Governor, as Council Member to and Treasurer of the International Association of Deposit Insurers (IADI), and as statutory manager in resolving several problem banks in the country. Ms Detho serves on the Board of the Kenya Deposit Insurance Corporation as an Alternate Member to the Governor. She is a member of the Kenya Institute of Bankers and a Fellow of the Kenya Institute of Management.

Moses M. Ngotho

Moses M. Ngotho

Acting Director, Finance & IMS Department

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Moses M. Ngotho holds a master’s degree in Finance & Banking and a bachelor’s degree in Accounting from Moi and Nairobi universities respectively. He is a qualified certified public accountant and a member of the Institute of Certified Public Accountants, Kenya (ICPAK). He was appointed Acting Director, Finance and Information Management Systems (IMS) on July 10, 2017. He was previously the Assistant Director, Finance.

He started his career at the audit firm, Deloitte. Subsequently, he worked for American Life Insurance Company (ALICO) and at Chloride Exide (K) Limited before joining the Bank in May 1994. He has served in various capacities in Financial Markets, Internal Audit, Kenya Deposit Protection Fund (the precursor to the Kenya Deposit Insurance Corporation), and Kenya School of Monetary Studies and in Human Resource Departments.

He has also served in a number of organizations on secondment namely, Kenya Revenue Authority (KRA) at its formative stages where he harmonized the accounting systems of the then four government of Kenya revenue departments, Grand Regency Hotel under receivership, Merchant Card Limited under receivership and at the Insurance Regulatory Authority (IRA) where he was instrumental in converting the then Insurance Department under the National Treasury into an autonomous regulatory Authority.

Peter Kigondu

Peter Kigondu

Acting Director, Department of Procurement and Logistics Services

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Peter Kigondu is the Ag. Director, Department of Procurement, Logistics and Services. He is an IT trained professional and holds a BSc. in Mathematics and Chemistry as well as a Postgraduate Diploma in Computer Science both from the University of Nairobi.

Mr. Kigondu began his career in IT at Government Computer Services  in Herufi House and at the National Treasury. He subsequently worked for Kenya Airways, Total Kenya,  Bain Hogg Insurance Brokers among other institutions before joining the Central Bank as a Senior Manager in IT from April 1999. He went on to become the Assistant Director of IT where he headed the Business Systems Development Team. During that period several IT systems were implemented in the Bank including  the RTGS system referred to as KEPSS (Kenya Payments and Settlement System).  Mr. Kigondu has served as Eldoret Branch Manager and worked in the Strategic Management Department prior to his current position.

Mr William Nyagaka

Mr William Nyagaka

Director, Internal Audit Department

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Mr William Nyagaka, Director, Internal Audit, joined the Bank in May 1994. He holds an MBA (Finance), and a Bachelor of Commerce (Accounting) degree from the University of Nairobi. He is a Certified Public Accountant (CPAK) and a Certified Public Secretary (CPSK). Mr Nyagaka also holds a Bachelor of Laws degree (LLB) from the University of Nairobi and a Diploma in Law from the Kenya School of Law. He is an Advocate of the High Court of Kenya.

Prior to joining the Bank, he worked at the Office of the Controller and Auditor General and the Kenya Power and Lighting Company Limited. He has served in various departments, including Finance, Banking, Financial Markets, Bank Supervision and Deposit Protection Fund Board. He also served, on secondment, at the Kenya Revenue Authority (KRA) during its formative stages.

Ms Terry W. Ng’ang’a

Ms Terry W. Ng’ang’a

Acting Director, Human Resources Department

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Ms. Terry Ng’ang’a was appointed Acting Director, Human Resources of the Central Bank of Kenya on 24th September, 2015. She holds a Bachelor of Arts degree, from the University of Nairobi and a post graduate International Premier Diploma in Human Resource Management.   She joined the Central Bank as an Assistant Superintendent in 1988 and has amassed a wealth of experience and training in various fields spanning 23 years. Terry has risen through the ranks to the current position and she is charged with providing leadership and guidance on Human Resource in the Central Bank of Kenya.

Mr Joshua N. Kimoro

Mr Joshua N. Kimoro

Acting Director, Kenya School of Monetary Studies

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Mr. Joshua Ngundi Kimoro joined the Bank in December 2003. He was appointed Acting Director, Kenya School of Monetary Studies (KSMS) in May 2017.  He holds a Bachelor of Commerce Degree (Accounting Option) and an MBA (Finance) Degree from the University of Nairobi. He is a Certified Public Accountant of Kenya (CPA (K) and a member of the Institute of Certified Public Accountants of Kenya (ICPAK). Mr. Kimoro is also a certified Business Continuity Management practitioner (AMBCI), and a member of Business Continuity Institute (BCI). He is a Certified Risk Management Practitioner, with full certifications in Risk Certification Program (RCP) Levels 1, 2 and 3 offered by the Global Association of Risk Professionals (GARP) where he is also a member.

Prior to joining the Bank, Mr. Kimoro worked as an auditor at Delloite and Touché, as Finance Manager in various local companies, and later as a senior internal auditor at the Kenya Power and Lighting Company (KPLC). Mr. Kimoro has worked in various business areas of the Bank including Internal Audit, Risk Management and most recently the Management Development Centre at KSMS.

Risk Management

Risk Management is the second line of defence in the bank’s operations, following the Bank’s units and preceding the Internal Audit department. This Division creates an awareness throughout the Bank of the risks associated with its operations and works to mitigate them through assessment, reporting and review.

The Risk Management Division focuses on four key functions: risk management of the bank’s operations, business continuity management, compliance and ethics, and anti-money laundering and combatting the financing of terrorism. Risk management of the bank relates to management of risks in performance of bank operations,  business continuity relates to the bank’s ability to sustain business operations even in extreme circumstances, while compliance and ethics relates to high standards of accountability and transparency. Finally, the bank’s efforts to prevent money-laundering and combat the funding of terrorism sees the Division taking steps to ensure that the bank’s facilities are not employed in either of these illegal and harmful activities.

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The Bank is committed to entrenching best practices in Enterprise Risk Management (ERM) to achieve its vision to be “a world class modern central bank.” ERM promotes a risk-aware culture in the Bank so that all staff act with full knowledge of the implications of their decisions and actions in pursuing the mission and goals of the institution.

Risk management forms the Bank’s second line of defence towards the process of achieving its mandate and strategic objectives, and is thus a central part of the Central Bank of Kenya’s (CBK) Strategic Management. The bank units form the first line of defence, whereas Internal Audit provides the third line of defence, which is independent assurance.

Risk Management
The risk management function is charged with the following roles:
a)    Spearheading formulation of a Risk Management Policy for the Bank that clearly stipulates:
•    The objectives of the Bank’s Risk Management arrangements.
•    Structures responsible for managing risk within the Bank.
•    The Bank’s risk tolerance levels.
•    The Bank’s Risk Management frameworks that will help to identify, assess, monitor and manage potential risks and opportunities.
•    The mode of creating risk awareness within the Bank including appropriate education.
b)    Systematic assessment of risks throughout the Bank in consultation with the Departmental Heads, through interactive sessions like Control and Risk Self-Assessment (CRSA), by reviewing the Bank’s main activities and understanding how these activities can generate risks. The Function ensures that clear responsibilities and consistent frameworks are put in place to define, assess, monitor and control risk throughout the Bank, while at the same time creating risk management awareness amongst all members of staff. The main activities of the Bank which the Risk Management Function reviews on a regular basis include:
•    Monetary Policy
•    Financial System Stability
•    Banking Services
•    The Issuance of Currency
•    Foreign Reserves Management and Intervention Capacity
•    Real Time Gross Settlement System (RTGS) – KEPSS
•    National Debt Services
•    Internal support arrangements necessary for the above functions, including Procurement, Accounting, IT Services, Financial Markets Settlements, Internal Audit and Human Resources
c)    Reporting, documenting and maintaining a data base for the risks identified throughout the Bank (the Risks Register) and developing risk indicators that are used to signal possible problem areas and act as an early warning system.
d)    Assessing and documenting risk Incidence Reports in all areas of the Bank for management information.
e)    Carrying out regular risk reviews of major projects in the Bank.

Business Continuity Management (BCM)

Central Bank of Kenya as a regulator recognises its obligation to staff, government, the public, investors and other stakeholders for the continuity of its business operations. The Bank recognises the need to have sustainable critical business operations functional at all times for the purpose of maintaining its ability to fulfil its mandate as provided for under the Central Bank of Kenya Act Cap 491 of the Laws of Kenya.

Risk Management is charged with the following roles in BCM for the Bank:
a)    Spearheading the formulation and implementation of the Bank’s Business Continuity Management (BCM) programme and embedding the BCM culture within the Bank.
a)    Spearheading the formulation and implementation of the Bank’s Business BCM Policy aimed at ensuring Bank’s resilience and effective response to major operational disruptions that may arise from potential disasters.
b)    Coordinating the development, regular exercising and maintenance of the Bank’s Business Continuity Plan (BCP).

Compliance Risk Management and Ethics

The objective of the Bank is to meet stakeholders’ expectations consistent with its core mandate of formulating and implementing monetary policy directed at achieving and maintaining stability in the general level of prices and fostering the liquidity, solvency and proper functioning of a stable market-based financial system.
In pursuing this mandate, the
Bank is committed to adopting best practice and standards in the areas of accountability, transparency and business ethics.

Risk Management compliance is in six parts:
a)    Deals with stakeholder expectations consistent with the Banks core mandate of formulating and implementing monetary policy directed at achieving and maintaining stability.
b)    Deals with the scope of the policy and policy statement. Under the scope, the applicability of the policy is specified. The policy statement states what the bank aims to achieve through adopting the world’s best practices.
c)    Deals with the compliance framework and spells out what it shall achieve through allocation of responsibilities, identification of compliance risk, monitoring, investigating and reporting in line with applicable laws, regulations, standards and codes of conduct.
d)    Deals with the operation structure and implementation steps and it entails the identification and evaluation, setting of the policy, embedding the policy, monitoring, investigation and reporting compliance.
e)    Deals with the roles and the responsibilities of different stakeholders, namely the Board, Governor, Bank Risk Management Committee, compliance function, Internal Audit and staff.
f)    Deals with the review of the policy where the Risk management function shall on a regular basis assess and review the compliance policy to ensure that it remains relevant to the needs of the bank.

Anti-Money Laundering and Combatting the Financing of Terrorism (AML/CFT)

Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) are serious crimes that adversely affect the integrity of any country’s economic, social and political structures. Money laundering undermines the financial system, encourages crime, dampens Foreign Direct Investment and criminalises society.

Risk Management Function at the Central Bank of Kenya works closely with the Financial Reporting Centre (FRC) in the fight against money laundering and the financing of terrorism and is cognisant of the possibility that its services could be exposed to the risk of money laundering and terrorism financing. Through the AML/CFT Policy, the Central Bank of Kenya spells out measures to ensure that the Bank’s facilities are not used in the commission of, or to further the commission of, financial crimes, particularly money laundering and the financing of terrorist activities.

Internal Audit

Internal Audit is the third line of defence in the Bank’s operations. It provides two key services to the Bank:

  1. Audit and assurance, through which it monitors the Bank’s operations,
  2. Consultation and advisory, wherein the department analyses work processes and makes recommendations.

Through these functions, Internal Audit plays a key role in ensuring that the Bank’s data is accurate, that the Bank is operating efficiently, and that the Bank’s departments are operating within the policies, laws and regulations that govern them.

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Internal audit is one of the key components of Central Bank of Kenya’s system of internal controls. It comprises plans of organisation and all methods and measures adopted by the Bank to safeguard its assets, check the accuracy and reliability of its accounting data, promote operational efficiency and encourage adherence to prescribed policies, laws and regulations.

Internal auditing is defined by the Institute of Internal Auditors as “an independent, objective assurance and consulting activity designed to add value and improve an organisation’s operations. It helps an organisation accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes.”

Internal audit is a key corporate governance mechanism that complements other cornerstones of corporate governance, namely external auditors, Audit Committee and management. It assists in regulating and directing the activities of the Bank.

The Internal Audit Department is headed by a Director who is currently deputised by an Assistant Director and supported by auditors who are allocated a portfolio of operational and information systems audits to carry out during the specified period, and based on their competencies. The Director, Internal Audit, reports administratively to the Governor and operationally to the Board Audit Committee.

Internal audit performs two main functions: to provide audit/assurance and consulting/advisory services. These may be as part of their normal, routine activities or in response to specific requests from management.

Audit Services are generally a planned and objective examination of evidence for the purpose of providing an independent assessment on risk management, control or governance processes of the Bank. Examples of planned activities include financial, performance, compliance, system security, and due diligence engagements.

Advisory service activities are those whose nature and scope are agreed upon with the client and which are intended to add value and improve operations. Advisory activities may involve providing informal or formal advice, analysis, assessments, and serving on task forces and committees to review operations and make recommendations.

The Internal Audit Department has adopted a holistic, collaborative approach to auditing that combines all elements of traditional audit approaches, which include comprehensive financial, operational, and information technology (IT) reviews.

Key CBK Indicative Exchange Rates
US DOLLAR 103.2872
STG POUND 139.5156
EURO 123.1228
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Posted On: 22-09-2017
Key Rates
Central Bank Rate 10.00% 18/09/2017
Inter-Bank Rate 6.09% 21/09/2017
CBK Discount Window 16.00% 18/09/2017
91-Day T-Bill 8.129% 25/09/2017
REPO 7.00% 07/09/2017
Inflation Rate 8.04% August,2017
Lending Rate 13.66% June,2017
Savings Rate 5.63% June,2017
Deposit Rate 7.15% June,2017
KBRR 8.9% 25/07/2016