This study on the role of Central Bank in stabilizing a depressed economy was designed with the objectives of ascertaining if the Central Bank of Nigeria is achieving involved in the stabilization of Nigeria economy, to determine if Central bank of Nigeria has control measures over the management of money market and capital market to identify the role of central bank of Nigeria in the formation and implementation of the country and to recommend appropriate measures for improved quality contribution by the Central Bank of Nigeria for the country. The Central bank is an important institution to a depressed economy like Nigeria, the financial trade and policies formulate and implemented by the Central bank are very important. Infact if could be regarded as a pillar to the survival of the national economic development without which the economy will be in shamble. In carrying out a research the research, secondary and primary data was collected and used accordingly. Related literatures were reviewed and questionnaires were prepared, distributed and analysed. The use of chi-square technique was used in analyzing the primary data.