It keeps an eye on banks, insurers, asset managers, shadow banks, financial market infrastructures and other financial institutions. It assesses systemic risk in all these areas of the financial system. And where appropriate, it issues warnings and recommends action.
Understandably, the Central Bank of Nigeria (CBN) accorded the payments system due priority in its reform agenda of the financial system. Thus, the CBN in partnership with other stakeholders embarked on extensive reforms of the payments system to enhance its safety, efficiency and reliability.