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
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