Nigerian banking sector

The Nigerian banking sector comprises financial institutions that provide currency exchange, savings, loans, and payment services to individuals and businesses. It is regulated by the Central Bank of Nigeria, which ensures stability, manages inflation, and oversees financial health. The sector has evolved with technology, enabling digital banking, mobile payments, and financial inclusion, especially in expanding access across the country. Key banks include several commercial banks that support economic growth through credit and investment. Overall, Nigeria’s banking system plays a critical role in facilitating commerce, managing funds, and supporting development within the country.