Nigerian Banking Reform: Recent Actions and Future Prospects

Abstract

Since his appointment in the summer of 2009, the new Governor of the Central Bank of Nigeria, Lamido Sanusi, has introduced a spate of reforms in response to the global financial crisis and the mismanagement of certain Nigerian banks. This article briefly reviews the history of Nigerian banking and places this latest reform effort within the context of that history, analyzes this reform effort, and suggests some implications of these reforms for Nigeria.

Keywords: banking, bank supervision, Nigeria, banking reform, Central Bank of Nigeria, central bank

JEL Classification: E58, G21, G20, G28