This paper discusses the development and compilation of quarterly macroprudential indicators and their relevance to financial stability and monetary policy management in Nigeria. The indicators are analyzed on time series basis to give insight to the level of soundness of the Nigerian financial system. The FSIs, complemented by stress testing of the system, serve as useful tools in evaluating the strengths and weaknesses of the financial institutions, as well as provide signals to the Monetary Policy Committee of the Bank for possible actions to ameliorate the vulnerabilities of the system. The results of recent macro-prudential analyses revealed that the Nigerian financial system was stable, robust and resilient to liquidity and funding shocks.