Section 27: Banking operations.

The Bank may-(a) issue demand drafts and effect other kinds of remittance payable at its own offices or at the offices of agencies or correspondents ;
(b) open accounts for and accept deposits from the Federal, State and Local Governments, and from funds, institutions and corporations of all such Governments, banks and other credit or financial institutions ;
(c) maintain accounts with central banks and other banks outside Nigeria ;
(d) act as correspondent, banker or agent for any central bank or other monetary authority established under government auspices ;
(e) accept from customers, for custody, securities and other articles of value ; and
(f) undertake on behalf of customers and correspondents, the purchase, sale, collection and payment of securities, currencies and credit instruments in Nigeria or abroad and the purchase or sale of gold or silver.