Institutional and Organizational Framework
The CBN is the main institution that regulates the payments system. Banks, discount houses, Nigeria Inter-Bank Settlement System (NIBSS), Nigeria Stock Exchange card and switching companies remain the key players in the Nigerian payments system. The CBN, complemented by Nigerian Deposit Insurance Corporation (NDIC) provide the necessary oversight function to ensure the efficiency and effectiveness of the payments system.
Read more about this topic: Central Bank Of Nigeria
Famous quotes containing the word framework:
“The city is a fact in nature, like a cave, a run of mackerel or an ant-heap. But it is also a conscious work of art, and it holds within its communal framework many simpler and more personal forms of art. Mind takes form in the city; and in turn, urban forms condition mind.”
—Lewis Mumford (1895–1990)