Includes special features of this country’s banking system and rules/laws that might impact U.S. business
Last Published: 6/20/2016

The Nigerian banking system currently consists of 21 commercial banks, 860 micro-finance banks, five discount houses, 64 Finance Companies, and five development finance banks.  The CBN regulates and supervises the activities of these institutions and others such as Bureau-de-Change (BDCs), Finance Companies (FCs) and Primary Mortgage Institutions (PMIs).  Its primary responsibility is to formulate policies and monitor the banking system to ensure that operators comply with monetary, credit, and foreign exchange guidelines.  Nigerian commercial banks perform three major functions: accepting deposits, granting loans and operating payment and settlement mechanisms.  For more information see: www.cenbank.org

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Nigeria Market Access Banks