The persistent exclusion of a large share of the populace from financial services, an oligopolistic banking system, and the likelihood of sudden reversals of foreign portfolio investments were Nigeria's main challenges in the second half of last year, Central Bank of Nigeria governor Sanusi Lamido Sanusi noted in the bank's latest financial stability report, published last week.

But despite these obstacles, Sanusi said the Nigerian financial system had remained stable – as "evidenced by the