Section 1: Establishment of the People's Bank of Nigeria.

(1) There is hereby established a bank to be known as the People's Bank of Nigeria (in this Act referred to as "the Bank").
(2) The Bank shall be a corporate body with perpetual succession and a common seal and may sue and be sued in its corporate name.
(3) The Bank may, for the purposes of its functions under this Act, acquire, hold or dispose of property (whether movable or immovable).
(4) Notwithstanding the provisions of the Banks and Other Financial Institutions Act, the People's Bank of Nigeria is hereby authorised without any other licence than this Act, to operate as a specialised bank throughout the Federal Republic of Nigeria.