ABSTRACT
The global financial crisis caught many countries unprepared and thus had devastating effects on many individual country’s economic and particularly financial systems and the world at large. It sent both policy makers and academics involved in financial matters to the drawing board with the intention to bring about short, medium and long term stability into the banking system and prevent future catastrophe. For the Central Bank of Nigeria (CBN), it was time to undertake immediate review of its consolidation reform programmes, more so when the global crisis had started causing financial instability and attendant effects on the Nigerian economy.
