Section 8: Powers of the Central Bank of Nigeria.

(1) The Bank shall have powers to-
(a) license and regulate Credit Bureaux;
(b) make regulations and issue guidelines on the licensing, management,
ownership and operations of Credit Bureaux and for the general operations
of the credit reporting system in Nigeria;
(c) review, monitor and supervise the operations of Credit Bureaux;
(d) vary or impose fresh or additional conditions on a Licence;
(e) revoke or suspend licences in accordance with the provisions of this
Act;
(f) periodically publish information and statistics on the activities of
Credit Bureaux;
(g) carry out routine or special examination or investigation of the books
and affairs of Credit Bureaux and take appropriate actions as the
circumstances may require following such examinations to ensure that Credit
Bureaux continue to operate optimally and in accordance with this Act;
(h) take measures to protect the interests of data subjects and to generally
protect the integrity of the credit reporting system against abuses;
(i) impose pecuniary and other penalties for the contravention of this
Act;
(j) undertake other activities necessary or exped ient to give full effect to the provisions of this Act; and
(k) perform other functions specified under this Act.
(2) The Bank~ay authorise or instruct any officer or employee of the
Bank to perform any of the functions, exercise any powers, or discharge any
of its duties under this Act, and may either generally or in any particular case,
appoint any person who is not an officer or employee of the Bank, to render
such assistance as the Bank may specify in the exercise of its powers, the
performance of its functions, or the discharge of its duties under this Act, on
behalf and in the name of the Bank.