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Supervision Framework

Financial institutions under the supervisory purview of the CBN are the deposit money banks, the discount houses, primary mortgage institutions, community banks, finance companies, bureaux-de-change and development finance institutions. The supervisory function of the CBN is structured into two departments - Banking Supervision and Other Financial Institutions. Banking Supervision Department carries out the supervision of banks and discount houses while the Other Financial Institutions Department supervises community banks and other non-bank financial institutions. The supervisory process involves both on-site and off-site arrangements. The directors of these departments report to the Deputy Governor, Financial Sector Surveillance.

Banking Supervision Department
The on-site aspect of the department's function includes independent on-site assessment of banks' corporate governance, internal control system, reliability of information provided, etc. The field examinations carried out by the department are grouped into maiden, which is usually conducted within six months of commencement of operation by a new bank; routine which is the regular examination; target, which addresses specific areas of operation of a bank e.g. credit and special which is carried out as the need may arise as provided in section 32 of the Banks and Other Financial Institutions Act. The departments also conduct spot-checks for quick confirmations/verification.

The off-site aspect reviews and analyses the financial conditions of banks using prudential reports, statutory returns and other relevant information. It also monitors trends and developments for the banking sector as a whole. Industry reports are generated on monthly and quarterly basis.

Other Financial Institutions Department (OFID)
The department handles the supervision of community banks (CBs), primary mortgage institutions (PMIs) finance companies (FCs), bureaux de change (BDC) and development finance institutions (DFIs).

Other Related Institutions


  1. Bureau of Public Enterprises (BPE)
  2. Federal Ministry Of Finance
  3. Federal Office of Statistics (Email)
  4. National Assembly (Email)
  5. National Insurance Commission (NAICOM)
  6. National Planning Commission
  7. Federal Ministry of Commerce
  8. Federal Ministry of Foreign Affairs
  9. National Maritime Authority
  10. National Orientation and Public Affairs, The Presidency
  11. Nigerian Communications Commission
  12. Nigerian Corporate Affairs Commission
  13. Nigerian Deposit Insurance Corporation (NDIC)
  14. Nigerian Investment Promotion Commission
  15. Nigerian National Petroleum Corporation
  16. Nigerian Postal Services
  17. Security & Exchange Commission (SEC)
  18. The Government of Nigeria On-line
  19. The Nigerian Stock Exchange
  20. Nigerian Export - Import Bank NEXIM
  21. All Banking Institutions (including Banks, BDCs, etc) in Nigeria
  22. National Identity Management Commission
  23. National Pension Commission

Professional Bodies

  1. Chartered Institute of Bankers of Nigeria

International Organisations

  1. Africa Finance Corporation (AFC)
  2. United Nations Economic Commission For Africa (UNECA)
  3. The Association of African Central Banks (AACB)
  4. The Economic Community of West African States (ECOWAS)
  5. African Development Bank (ADB) Group
  6. International Monetary Fund (I.M.F).
  7. Bank for International Settlement (B.I.S).
  8. Banque Centrale des Etats de l'Afrique de l'Ouest (BCEAO)
  9. The World Bank
  10. UNDP Nigeria
  11. Nigeria at the IMF
  12. West African Monetary Institute (WAMI)
  13. West African Monetary Agency (WAMA)
  14. West African Institute for Financial & Economic Management (WAIFEM)
  15. The New Economic Partnership for African Development (NEPAD)
  16. Group of Seven & Eight (G7/G8)
  17. Developing Eight Countries (D-8)
  18. Group of 77 (G-77)
  19. Group of (G-15)

Trade & Investment With the USA

  1. Africa Growth & Opportunity Act:
    (at the U.S. Trade Representative Office)
  2. Eximbank
  3. Overseas Private Investment Corporation
  4. Trade & Development Agency
  5. U.S. Commercial Service, U.S.A.
  6. U.S. Commercial Service, Nigeria

Related Links
Credit Risk Management System
Related Financial Institutions