Nigeria’s apex bank, the Central Bank of Nigeria (CBN), has unleashed a disciplinary dragon on the nation’s financial sector. There is palpable fear in the sector, following the bank’s revocation of over 182 licenses of various financial institutions.
The financial institutions include 154 micro finance banks, 6 primary mortgage banks, and 22 finance companies. Recall that the bank recently withdrew the operating license of Skye Bank, one of the nation’s commercial banks.
There is increased confidence in Nigeria’s financial sector. This is because the levels of distress in Nigeria’s financial sector appear to have decreased drastically.
