The supervisory function of CBN is structured into five departments
Financial Policy and Regulation department develops and implements policies & regulations aimed at ensuring financial system stability. It also licenses & grants approvals for banks and other financial institutions.
Banking Supervision Department carries out the supervision of Deposit money banks and Discount houses while Other Financial Institutions Supervision Department supervises other financial institutions. The other financial institutions include Micro-finance Banks (MFBs), Finance Companies (FCs), Bureaux-de-change (BDCs), Primary Mortgage Institutions (PMIs) and Development Finance Institutions (DFI's). The supervisory process of both departments involves both on-site and off-site arrangements. Read more on the supervisory framework