International Journal of Business and Social Science

ISSN 2219-1933 (Print), 2219-6021 (Online) DOI: 10.30845/ijbss

Challenges of Banking Sector Reforms in Nigeria: An Appraisal
Asekome, Mike Ozemhoka; Aihie John Abieyuwa

This paper attempts to appraise the major banking sector reforms in Nigerian from 1958 to 2011, and the challenges posed to both the banks, the apex authorizes as well as the Nigeria financial system. The paper observes that most of the banking sector reforms in Nigeria were reactive rather being proactive and were also directed towards particular issues that arose from time to time. They were therefore not strategically holistic in approach hence most of the positive impacts of many of the reforms were short lived and unsustainable. The paper recommends the need to strengthen monitoring and supervisory capacity of the apex authorities through effective training and capacity building for CBN and the NDIC to strengthen their effectiveness. The paper also recommends the need to release some of the functions of CBN to other apex agencies such as the NDIC as the CBN appears to be over saddled with too many responsibilities beyond its present capacity.

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