The supervisory function of CBN is structured into five departments:
- Banking Supervision Department
- Consumer Protection Department
- Financial Policy and Regulation
- Other Financial Institutions Supervision Department
- Payments System Management Department
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
Read The CBN Act 2007
Read the CBN Act (Decree No 41 of 1991)
Read the Banks & Other Financial Institutions Act (BOFIA) 2020
See Frequently Asked Questions on Supervision