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 and other 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.
  Major objective is the promotion of an orderly and active capital market.

• (FMBN) – Federal Mortgage Bank of Nigeria
  Provides 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 Committee
  Coordinates activities of all regulatory institutions in the financial system and is Chaired by the Federal Minister of Finance.