The law establishing the CBL stipulates that the objectives of the central bank shall be to maintain monetary stability in Libya and to promote the sustained growth of the economy in accordance with the general economic policy of the state.

However, to make the CBL services more accessible to commercial banks, branches and public departments located far from the headquarters.

[6][7] On 20 January 2022, Elkaber and Al-Hibri signed an agreement on a four-stage unification plan, with the appointment of Deloitte to oversee the process.

[10] On 30 August 2024, the Tripoli-based Government of National Unity sent armed militants to remove CBL governor Sadiq al-Kabir from his office, accusing him of "mishandling oil revenues".

[11] Sadiq al-Kabir said that he had been forced to flee Libya to escape threats from armed militants, and called Abdul Hamid Dbeibah's attempt to replace him illegal, as it breached United Nations negotiated accords regarding control over the bank.