By Y. Makanjuola
This ebook captures Nigeria's main issue administration event and classes learnt in the course of the five-year tenure of Sanusi Lamido Sanusi as CBN Governor. It presents a backdrop of the sub-prime personal loan difficulty within the US characterized by means of the Lehman Brothers debacle in 2007-08, which brought about international fiscal and monetary crisis.
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Extra info for Banking Reform in Nigeria: The Aftermath of the 2009 Financial Crisis
Farewell to Charles Soludo Almost certainly, the Soludo-led CBN will be remembered in the history books for its bold reform programme that led to the consolidation of Nigeria’s banking sector. During his tenure, the CBN phased out the lodging of public sector funds with banks and promoted the enforcement Prelude to the Financial Crisis in 2009 41 of dormant laws, especially those relating to the issuance of bad cheques and the law relating to the vicarious liability of the boards of banks in case of bank failure.
In Nigeria, possibly the signature reform during this period was the introduction of the concept of universal banking into the Nigeria financial system. It could be argued that this reform was reflective of the globalising impact of the changes that had taken place in the US and UK, specifically the repeal of the Glass–Steagall Act. At a stroke, Nigerian banks could swap their old licences for single uniform licences that enabled them to operate as both commercial and merchant banks, as well as offer other financial services such as mortgage banking and insurance under one umbrella.
As an academician well steeped in the history and lessons of the Great Depression of the 1930s, he averred that The sources of deflation are not a mystery. Deflation is in almost all cases a side effect of a collapse of aggregate demand – a drop in spending so severe that producers must cut prices on an ongoing basis in order to find buyers. 11 Also with an eye on Japan’s long-running bout with deflation, the Bernanke Doctrine affirms that one of the primary roles of a central bank is price stability, neither deflation nor inflation, using the standard tools of monetary policy.