Nigeria: Publication of Financial Sector Assessment Program Documentation––Technical Note on Crisis Management and Crisis Preparedness Frameworks

International Monetary Fund

No 2013/143, IMF Staff Country Reports from International Monetary Fund

Abstract: 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.

Keywords: ISCR; CR; banking system; credit line; bank liquidation regime; financial system; bank resolution arrangement; bridge-bank measure; economic value; financial support; intervened bank; managing director; sacked bank CEO; bank resolution phase; bank management; NDIC watch list; banking sector; business plan; Bank resolution framework; Loans; Crisis management; Commercial banks; Bank resolution; West Africa; Africa; Australia and New Zealand; Central Africa; Global (search for similar items in EconPapers)
Pages: 50
Date: 2013-05-28
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