Roles of the CBN and NDIC in Nigeria's Monetary Policy and Regulation

Abstract

The stability of financial institutions in coordinating and navigating the affairs of a nation’s economy is considered as a bedrock of economic development for any nation. The need to create an efficient financial system anchored on financial stability and effectiveness has become more imperative overtime in order to ensure economic growth. There is also the imminent need for financial institutions (Traditional and non-traditional financial institutions) to acclimatize to the trends of financial digitalization across the globe. The Central Bank of Nigeria (CBN) and the NDIC (Nigeria Deposit Insurance Corporation) are two financial bodies ladened with the responsibility of overseeing and managing the system of banking in Nigeria. This paper seeks to examine the roles of these two financial bodies in Nigeria in ensuring financial stability in the country’s economy.