Section 6: Establishment of the Board.

(1) There shall be for the Bank a Board of Directors (in this Act referred to as "the Board") which shall be responsible for the policy and general administration of the affairs and business of the Bank.
(2) The Board shall consist of-
(a) a Governor who shall be the chairman;
(b) four Deputy Governors;
(c) the Permanent Secretary, Federal Ministry of Finance;
(d) five Directors; and
(e) Accountant-General of the Federation.
(3) The Board shall be responsible for-
(a) the consideration and approval of the annual budget of the Bank;
(b) the approval of the audited and management accounts and the consideration of the management letter from the external auditors;
(c) the formulation and implementation of exchange rate policy;
(d) making recommendation to the President for the appointment of auditors in accordance with section 49 of this Act, the provision of the necessary facilities and the rates of remuneration;
(e) the establishment and closing of branches and currency centres; and
(f) carrying out of such other activities as are necessary and expedient for the purposes of achieving the objectives of the Bank.
(4) The Board shall approve the detailed responsibilities of each of the Deputy Governors on the recommendation of the Governor.
(5) Without prejudice to sub-section (4) of this section, the Board may, on the recommendation of the Governor, assign or re-assign the Deputy Governors, from time to time, as may be expedient for the performance of the Bank's functions under or pursuant to this Act.