Central Bank of Nigeria
External Sector, Nigeria, Second Quarter
The paper reviews the evolution of the Nigerian financial system and articulates some of its current problems and challenges for the future, especially in the light of the liberalised trade and exchange regime initiated under the Structural Adjustment Programme (SAP). The paper examines the evolution of the major institutions in the financial system in the context of the changing pattern of economic and regulatory environment in which they operate. It observes that the financial system has undergone substantial changes since 1960 in terms of number and variety of financial intermediaries, the depth and breadth of instruments, as well as the structure of capital and ownership. It identifies the major factors which have influenced the development of the financial system to include the attainment of political independence, the establishment of the Central Bank of Nigeria (CBN), the Nigerian Civil War, the oil boom and its eventual collapse, variations in government financial requirements and the changing views of the monetary authorities about the proper role of the banking system in the national economy.
CBN Economic and Financial Review
Oke, Ben Akin (1989). The Evolution of the Nigerian Financial System: Problems, Challenges and Prospects. CBN Economic and Financial Review. 27(2), 35-45.