A part has changed in the Nigerian financial services industry during the past brace decades.

A part has changed in the Nigerian financial services industry during the past brace decades. The structure and regulatory environment has been improved substantially, especially during the late 1990 when the Central Bank of Nigeria (CBN) was granted autonomy on the administration of General Abdulsalami Abubakar.

The CBN's mandate was fre from political interference, and in addition to its supervisory character the Bank has assumed responsibility for formulating exchange rate, monetary and credit policies. It reports directly to the National Assembly.

In order to come up to face to face the requirements of the legislation implemented in January 2001 that allows all conventional banks