The Nigerian financial system consists of bank and non-bank financial institutions regulated by the following:(FMF) –Federal Ministry of Finance•Advices the Federal Govt. on its fiscal operation and co-operates with CBN on monetary matters.(CBN) –Central Bank of Nigeria•Commenced operation in July 1959.•It’s the Apex regulatory authority of the financial system.

• Promotes monetary stability and a sound financial system
• Acts as a banker and financial adviser to the federal government.
• Also, acts as a banker of last resort to the banks.
• Encourages the growth and development of financial institutions.
• (NDIC) –Nigerian Deposit Insurance Corporation Started in 1989.

Compliments the regulatory and supervisory role of CBN.
Provides deposit insurance and related services for banks.
Empowered to examine the books and affairs of insured banks andother deposit taking financial institutions.
(NIC) –National Insurance Commission
Charged with effective administration, supervision and regulation and control of
the business of Insurance in Nigeria.
(SEC) –Securities and Exchange Commission
Established in 1979
The Apex regulatory organ of the capital market.

(FMBN) –Federal Mortgage Bank of NigeriaProvides banking and advisory services and undertakes research activities pertaining to housing.Its empowered to licence and regulate primary mortgage institutions.Acts as a the Apex regulatory body for the mortgage finance industry.(FSCC)

-Financial Services Coordinating CommitteeCoordinates activities of all regulatory institutions in the financial system and is Chaired by the Federal Minister of Finance.