THE Central Bank of Nigeria (CBN) has unveiled the next phase of banking reforms. Mallam Sanusi Lamido Sanusi, governor of Central Bank of Nigeria (CBN), while reviewing the situation preceding the banking crisis, said “the blue print for reforming the Nigerian financial system in the next decade is built around four pillars.”
He outlined the four pillars to include enhancing the quality of banks, establishing financial stability, enabling healthy financial sector evolution and ensuring that the financial sector contributes to real economy. 
Sanusi said the reform is meant to encapsulate a holistic set of strategies and initiatives designed to stabilize the banking sector and promote long sustainable growth of the sector and the economy as a whole. 
He outlined the strategies and initiatives to include fixing the problems of the banks, tighter regulation, adoption of risk based supervision, effective consumer protection and reform of the CBN itself.
Others, according to him, include adoption of hybrid monetary policy, new macro prudential rules, control of “hot” money, enthronement of directional economic policy and support of capital market development to work as an alternative to bank funding.
Sanusi further said that the CBN would work hard to bring about the emergence of a competitive banking industry structure, the required infrastructure, improved cost structure of banks (through cost control), reliable and secure payment systems and reduced informal sector and greater financial inclusion.
Still out lining the strategies and initiatives of the four pillars of the reform, Mr. Sanusi said as part of the CBN effort to ensure that the financial sector contributes to the real economic potentials would also include the CBN role as economic adviser to the government, measuring the relationship between the real economy and the financial sector.