Nigeria: Publication of Financial Sector Assessment Program Documentation––Technical Note on Crisis Management and Crisis Preparedness Frameworks
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Summary:
The Nigerian financial system underwent a banking crisis in 2008–09, owing to the global financial crisis and domestic events. The decisive crisis response effectively stabilized the banking system, but the challenge now is to devise a credible exit strategy. The Central Bank of Nigeria (CBN) has a broad resolution toolkit, which was put to use during the crisis to resolve the intervened banks. The Nigerian authorities set up the Asset Management Corporation of Nigeria (AMCON) to purchase nonperforming loans of banks.
Series:
Country Report No. 2013/143
Subject:
Bank resolution Bank resolution framework Banking Commercial banks Crisis management Deposit insurance Financial crises Financial institutions Loans
English
Publication Date:
May 28, 2013
ISBN/ISSN:
9781484373040/1934-7685
Stock No:
1NGAEA2013005
Pages:
50
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