Publication: Nigeria : Crisis Management and Crisis Preparedness Frameworks
Date
2013-05
ISSN
Published
2013-05
Author(s)
International Monetary Fund
World Bank
Abstract
This note elaborates on the
recommendations made in the Financial Sector Assessment
Program (FSAP) for Nigeria in the areas of contingency
planning, crisis management, and bank resolution. It
summarizes the findings of the FSAP mission undertaken
during September 4 to 19, 2012 and is based upon analysis of
the relevant legal and policy documents and extensive
discussions with the authorities and private sector
representatives. The Nigerian financial system experienced a
banking crisis in 2008-2009, partly triggered by the global
financial crisis and by domestic events. The decisive crisis
response effectively stabilized the banking system, but the
challenge now is to devise a credible exit strategy and to
strengthen the resolution framework. This note is structured
as follows: chapter one sets out an overview of the banking
crisis of 2009; chapter two analyses the institutional
framework and coordination arrangements for systemic risk
monitoring, crisis management, and cross-border
coordination; chapter three assesses the approaches to
intervene with potential problem institutions at an early
stage; chapter four covers crisis management tools including
official financial support, the resolution framework, Asset
Management Corporation of Nigeria (AMCON); chapter five
reviews the deposit insurance framework; and chapter six
addresses the issue of legal protection.
Citation
“International Monetary Fund; World Bank. 2013. Nigeria : Crisis Management and Crisis Preparedness Frameworks. © World Bank, Washington, DC. http://openknowledge.worldbank.org/handle/10986/16801 License: CC BY 3.0 IGO.”